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Wilbur Ross Acquiring Option One

Published March 18th, 2008 in Markets, Banks. Tags: No Tags.

H&R Block (NYSE: HRB) has finally offloaded its Option One subprime mortgage unit.  The daredevil acquirer? WL Ross  & Co, run by famed investor Wilbur Ross.  The deal went through at about $1.1 billion.  Cerberus, the last suitor to Option One, pulled out after it saw the subprime and housing crisis come tumbling down.  Ross has a history of restructuring distressed companies and if successful could make a fortune on Option One.  In fact, Ross’ mortgage play goes beyond Option One, as he also has purchased rights to mortgages held by American Home Mortgage.

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« Bank of China: More Subprime Pain to Come
25+ (Not So) Fun Subprime Facts »
This blog discusses subprime mortgage problems. Subprime problems began when lenders offered loans to potential home owners with bad credit or credit / income that did not meet the standards of traditional lending. Subprime mortgages for people with bad credit or no credit face an uncertain future. Once the hope of many to enter into home ownership has now been corrupted both by overreaching consumers and predatory lenders. I hope to follow the aftermath of this crisis.

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