Reported about 20 hours ago
Bank of America has agreed to purchase approximately $990 million of multifamily commercial real estate loans from HomeStreet in a move intended to restore the latter's profitability. The sale aims to help HomeStreet pay down high-interest loans and deposits, addressing its recent financial struggles, including four consecutive quarterly losses. This transaction is part of a strategic plan to return to profitability, according to HomeStreet's CEO, with the sale set to occur in two phases.
Source: YAHOO