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.)

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