H&R Block Completes Option One Sale

NEW YORK -- H&R Block Inc. completed the sale of part of its troubled subprime mortgage arm and will realize $1.3 billion in proceeds from the deal with distressed-asset investor Wilbur Ross, The Wall Street Journal reported Thursday.

The company also announced it has repaid a servicing credit line and its revolving line of credit, the paper reported.

When the deal was first announced in March for the mortgage loan-servicing business of Option One Mortgage Corp., it was said the business could be worth more than $1 billion, the paper reported.

-- NYSSCPA.org News Staff

Posted on 5/1/08