BofA Finds Buyer for Subprime Business
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Bank of America Corp., the third-largest U.S. bank, agreed to sell its subprime real estate servicing operations to Salt Lake City-based Fairbanks Capital Corp. for an undisclosed amount to exit an unprofitable business.
The bank announced plans in mid-August to take a $1.25-billion third-quarter charge to get out of auto leasing and lending to people who can’t qualify for standard loans.
About half of the charge was linked to the subprime business.
Shares of the Charlotte, N.C.-based BofA rose 18 cents to $63.18 on the NYSE.
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