H&R Block's Option One Sold for $1.1B

KANSAS CITY, Mo. (AP) _ H&R Block has signed an agreement to sell its troubled mortgage servicing business for $1.1 billion to billionaire investor Wilbur Ross.

Rocked by the nationwide mortgage meltdown, Option One Mortgage's $53 billion in subprime loans is the nation's fourth-largest among subprime lenders.

Kansas City-based H&R Block shut down Option One's mortgage originations after an earlier sale agreement fell through.

The purchase will make WL Ross and Company the country's second-largest subprime servicing portfolio, after Countrywide Financial.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

631 SW Commerce Pl. Topeka, Kansas 66615 phone: 785-272-6397 fax: 785-272-1363 email: feedback@wibw.com
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 16746371 - wibw.com/a?a=16746371
Gray Television, Inc.