Bank of America Corp. has sold a corporate debt trustee business to Wilmington Trust Corp.
Wilmington Trust said Thursday that its corporate client services business is handling the accounts, which Bank of America had obtained through its 2007 purchase of LaSalle Bank in Chicago. BofA retained ownership of LaSalle’s securitization trustee business, Wilmington Trust said.
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NEXA Lending also welcomed Andrew Deyo as leader of its Business Development Marketing program, and Flyhomes added three members to its leadership team.
The release of Fannie Mae and Freddie Mac's internal metrics support this process, but other measures will still be needed, according to Bank of America.
The deal is backed by recently originated, 30-year fixed-rate mortgages with an average combined loan-to-value ratio of 75.1%, according to Morningstar DBRS.
The offering is backed by 1,902 first-lien residential mortgage loans, including both fixed- and adjustable-rate mortgages across prime and non-prime borrowers.
The investment banking giant has a hefty amount of excess capital, some of which is being used to meet client demand. At the same time, the company is open to opportunities to do bolt-on acquisitions, CEO Ted Pick said.
