BofA seeks more jumbo mortgages: report

Bank of America Corp is seeking to produce more "jumbo" mortgages, which can range from $417,000 in most areas to as much as $729,750, Barbara Desoer, the bank's head of mortgage, home equity and insurance services told Bloomberg in an interview.

"Bank of America has balance-sheet capacity and we've allocated it to jumbos given our presence in some of the states and regions where that's important," Desoer was quoted as saying.

The bank sees an opportunity to issue more of the loans with Merrill Lynch's "mass-affluent" customers, even as it continues to integrate the acquired company, she said.

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- Posted: 2009-03-13 07:54:26

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