Bank of America quits wholesale mortgage business (Reuters)

Ron Burgundy · #1 (**permalink**) 10-26-2007, 02:09 AM

Bank of America Corp on Thursday said it will stop offering home mortgages through brokers by the end of the year, resulting in a loss of 700 jobs, so that it may focus on lending directly to consumers.

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Bacon · #2 (**permalink**) 10-26-2007, 09:02 AM

I am sure that this was planned for some time considering that they just pumped $2B into CW; my guess is that CW will maintain the wholesale side and BofA will do the brick-n-mortar retail side...and then nobody is directly competeing with themselves.