BofA Selling Commercial Real Estate Assets, Risk Chief Says
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Bank of America Corp., the biggest U.S. lender, is a “very active seller” of commercial real estate as the firm seeks to limit losses on assets accumulated through acquisitions, Chief Risk Officer Bruce Thompson said.
Commercial real estate loans in the core portfolio fell 28 percent in 2010 to $48 billion at the end of the year, the Charlotte, North Carolina-based lender said in a presentation on its website today. The decline is part of the company’s strategy to reduce so-called legacy assets, Thompson said today at an investor presentation.