BofA looks to sell toxic mortgages worth $1 billion: report

Mon Dec 13, 2010 10:00am EST

The sign on a Bank of America ATM machine is pictured in downtown Los Angeles October 8, 2010. REUTERS/Fred Prouser

The sign on a Bank of America ATM machine is pictured in downtown Los Angeles October 8, 2010.

Credit: Reuters/Fred Prouser

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(Reuters) - Bank of America Corp has put up for sale at least $1 billion worth of toxic mortgage assets, the New York Post said on Monday, citing sources.

Bids are due by the end of December for the assets, which includes already written-off loans and mortgage-servicing rights, the paper said.

The asset sale is part of a larger effort by the bank to unwind a trove of assets in the wake of the purchases of Countrywide Financial and Merrill Lynch, the Post said.

Bank of America declined to comment to the New York Post. The company could not be immediately reached for comment by Reuters outside regular U.S. business hours.

(Reporting by Abhinav Sharma in Bangalore; Editing by David Holmes)

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