Once the biggest bank in the country, Bank of America is shrinking before our very eyes. After more than three years at the top, Bank of America is no longer the nation's biggest mortgage servicer, falling behind Wells Fargo last year, according to industry newsletter Inside Mortgage Finance.
Wells Fargo is now the biggest mortgage servicer in the country, according to IMF, with $1.82 trillion in business, or 17.7 percent of the total market, compared with Bank of America's $1.77 trillion, or 17.2 percent.
To add insult to injury, Bank of America said today it was selling and leasing back three office buildings in New York and its home town of Charlotte.
This all comes less than four months after Bank of America lost its title as biggest bank in the U.S., when its reported assets fell to $2.22 trillion, below JPMorgan Chase's $2.29 trillion.
These are not necessarily bad things for the bank. It earned the title of biggest mortgage servicer with its 2008 takeover of Countrywide Financial -- a deal that saddled the company with subprime mortgage headaches that are still pounding to this day. The companies that now make up Bank of America originated more than $2 trillion in loans between 2004 and 2008, which were arguably the worst years of the housing bubble and crisis, according to a new Morningstar analyst report….
Read all about it at http://www.huffingtonpost.com/2012/02/02/bank-of-america-shrinking_n_1249960.html?ref=business
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