BofA Looks To Unload At Least $1B In Crappy Paper; Lender/Servicer May Be Tiring Of Continued Hammering To Public Image

The New York Post reports:

• Bank of America, the country's No. 1 mortgage lender, battling to fix or get out of more than 1 million past due home loans, has put at least $1 billion of the toxic paper on the block, The Post has learned.

• Buyers for the loans, which BofA has already written off, are circling. Bids are due by the end of December, sources said. The sale of the block of mortgage assets, which includes loans and mortage-servicing rights, seems to signal that Chief Executive Brian Moynihan, who has said he will battle to clean up the mess, thinks the best way out is through a sale.

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• Moynihan's move may be prompted by upcoming regulations that would force the bank to set aside more reserves for risky assets. [...] BofA also wants to improve its public image by not being in the news for foreclosing on homeowners.

For the story, see Bank of America to sell $1B in toxic paper.