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Bank of America Corp Sells $110 Billion CMBS Servicing Rights Portfolio To KeyCorp's Unit-Reuters

Thursday, 9 May 2013 10:14pm EDT 

Reuters reported that Bank of America Corp will sell a commercial mortgage servicing rights portfolio valued at around $110 billion to a KeyCorp's unit for an undisclosed amount, the latest offloading of servicing assets which many big banks consider costly to collect on. KeyBank Real Estate Capital said in a statement it will more than double its servicing portfolio to $205 billion with the acquisition, which includes about $14 billion in special servicing rights. The transaction needs the approval of private investors. 

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