Report: Fortress Eyeing B Of A Correspondent Unit

Nationstar Mortgage Holdings Inc., a subsidiary of Fortress Investment Group LLC, is reportedly conducting due diligence on Bank of America's correspondent mortgage division, signifying Fortress' potential interest in the unit, the Wall Street Journal reports.

No deal has yet been struck, and the transaction could still disintegrate, according to the report, which cites unnamed sources familiar with the matter.

Last month, the mega-bank announced its plans to either wind down or sell the correspondent channel, which Bank of America acquired in its Countrywide deal three years ago. The shedding of the correspondent division is part of the bank's broader strategy to eliminate non-core business units.

In the last year, the bank has exited both the wholesale lending and reverse mortgage businesses, as well as sold force-placed insurance provider subsidiary Balboa, another holdover from the Countrywide buyout.


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