Reported 1 day ago
HomeStreet Bank is divesting nearly $990 million in multifamily commercial real estate loans to Bank of America in a strategic move to return to profitability after experiencing four consecutive quarters of losses. The deal, valued at approximately $906 million, allows HomeStreet to repay some debts and reduce higher-cost funding sources. This sale is hailed as the first step in a broader strategic plan aimed at financial recovery.
Source: YAHOO