03/28/2008 02:45 am ET Updated May 25, 2011

H&R Block Chops Disastrous Subprime Arm

H&R Block's Option One Mortgage is on its way out.

On Tuesday, Kansas City, Mo.-based H&R Block (nyse: HRB - news - people ) announced it agreed to terminate the sale of Option One Mortgage, its disastrous subprime lending arm, to private equity firm Cerebrus Capital Management.

Shares of H&R Block, the world's largest tax services provider, were down 0.6%, or 11 cents, to $19.35, in early afternoon trading.

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