Ross pays $1.1B for H&R’s Option One

Filed under Deals, Wilbur Ross - WL Ross

March 17, 2008 5:23 pm

Billionaire investor Wilbur Ross will pay $1.1 billion for H&R Block’s troubled Option One mortgage servicing business, which has been rocked by the nationwide mortgage meltdown.Option One currently services about $53 billion of subprime mortgages, ranking it the fourth-largest in the nation. H&R Block previously shut down Option One’s mortgage origination activities after exiting an earlier sale agreement with Cerberus Capital Management in December.

read the rest published by CNN here:

http://money.cnn.com/2008/03/17/news/companies/bc.apfn.wilburross.h.rbl.ap/index.htm?section=money_latest

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Ross pays $1.1B for H&R’s Option One

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