IBM Snaps Up BofA’s Mortgage Unit

Law360, New York (October 5, 2009, 6:30 PM EDT) -- Seeking to step up the mortgage services it offers to companies, IBM Corp. has penned a deal to take over the core operating assets of Bank of America Corp.’s mortgage subsidiary Wilshire Credit Corp.

The computer giant said Monday it had entered into an agreement with Bank of America to acquire Wilshire’s mortgage servicing platform and its 900 employees. The terms of the deal were not disclosed.

Wilshire’s assets will be taken over by IBM’s Lender Business Process Services Inc. subsidiary.

IBM said the acquisition allowed...
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