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March 21, 2008
Investor Buying Option One
H&R Block's mortgage servicing unit, Option One, will be acquired by investor Wilbur Ross Jr. of WL Ross & Company for $1.1 billion. The purchase price includes $41 million for Option One's servicing rights and $65 million for other servicing-related assets valued at $85 million. After he snaps up Option One's $53 billion portfolio, Ross will be second only to Countywide Financial in the ranks of the nation's biggest subprime mortgage servicers.
Posted by S. Germain at March 21, 2008 08:06 AM