(Source: LA Times) – Bank of America Corp. has put another giant piece of the Countrywide mortgage empire on the auction block — the correspondent lending arm, which buys closed home loans from mortgage bankers, commercial banks and other loan originators.A spokesman said Wednesday that the Charlotte, N.C., bank is in serious talks with a buyer for the correspondent business. But if it can’t strike a deal with that buyer or find another, Bank of America would shut down the business, jeopardizing 1,400 jobs.

Of those, about half are in Southern California, spokeswoman Jumana Bauwens said — 450 in Westlake Village and 250 in Thousand Oaks.

Source: LA Times

August 31, 2011 |  1:35 pm

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