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Bank Of America Looking To Sell $1 Billion Toxic Mortgages

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BANGALORE (Reuters): Bank of America Corp has put up for sale at least $1 billion worth of toxic mortgage assets, the New York Post said on Monday, citing sources.

Bids are due by the end of December for the assets, which includes already written-off loans and mortgage-servicing rights, the paper said.

The asset sale is part of a larger effort by the bank to unwind a trove of assets in the wake of the purchases of Countrywide Financial and Merrill Lynch, the Post said.

Bank of America declined to comment to the New York Post. The company could not be immediately reached for comment by Reuters outside regular U.S. business hours.

(Reporting by Abhinav Sharma in Bangalore; Editing by David Holmes)

Copyright 2010 Thomson Reuters. Click for Restrictions.

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