BoA to Get Out of Home Loan Business Amidst Recession Fears

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BoA announced today after the market closed that it was getting out of home loans and mortgages business and will be selling all existing instruments to other financial entities. BoA said that the action was essential in order to survive.

All employees currently engaged with mortgage related work will be sent on a year’s paid leave. They will option to pick Hawaii or Bora Bora.

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