As more mortgage holders become delinquent on their loans, and as foreclosures continue to increase in certain regions, loan providers are seeking to sell off their rights to collection. Some financial institutions are deeming the collection of mortgage payments to be too costly.
Less than an hour ago, Reuters reported that Bank of America Corporation is seeking to sell the rights of collection for over $100 billion of the mortgages that they own.
JP Morgan Chase is also rumored to be interested in selling off their mortgage servicing rights. According to Reuters, JP Morgan Chase services a total of 7.4 million loans worth $1.1 trillion.
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