BofA Sells $125B CMBS Servicing Portfolio To KeyCorp

Law360, New York (May 10, 2013, 2:30 PM ET) -- Bank of America Corp. has agreed to sell a commercial mortgage servicing portfolio worth a combined $125 billion to Ohio bank-based financial services company KeyCorp., the latest blockbuster mortgage portfolio sold off by BofA, KeyCorp said late Thursday.

The banking giant sold the servicing portfolio to KeyBank Real Estate Capital, the Cleveland-based firm's commercial real estate financing arm. The assets including a commercial mortgage servicing portfolio of roughly $110.5 billion and a CMBS special servicing portfolio of $14 billion, KeyCorp said.

Financial terms of the deal...
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