Bank of America Corp is looking to sell collection rights on at least another $100 billion of mortgages after announcing similar deals for more than $300 billion on Monday, according to two sources familiar with the situation. Any sale would be the latest example of a big bank deciding that collecting mortgage payments on some loans is too costly, and the cost of capitalising the business was too high given new capital rules. Banks have been unloading these assets for years. These sales are an opportunity for smaller companies like Nationstar Mortgage Holdings and Walter Investment Management that specialise in managing these collection rights, known as mortgage servicing rights, and do not have to follow bank capital rules.
Peugeot Q4 sales decline 20% on Europe woes
PSA Peugeot Citroen, Europe’s second-largest carmaker, delivered 20% fewer vehicles in the fourth quarter as a push abroad failed to protect the company from a recession in its home region. Sales of cars, vans and kits of components ready for assembly fell to about 720,000 vehicles from 901,000 a year earlier, based on calculations derived from nine-month and full- year published figures. Deliveries last year dropped 17% to 2.97 million, Paris-based Peugeot said Tusday in a statement. “The sales figures look as bad as one would expect,” said Sascha Gommel, an analyst at Commerzbank AG with a reduce recommendation on the shares. “The company is suffering heavily in Europe, but also in other regions like Latin
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