December 4, 2007

H&R Block to stop Option One lending as sale dies (Reuters)

A man walks past a H and R Block office in Chicago April 16, 2007. H and R Block Inc said on Tuesday the sale of its struggling subprime home lender unit, Option One Mortgage Corp, to Cerberus Capital Management LP was terminated, a move that will trigger $75 million of charges and 620 job cuts. (John Gress/Reuters)Reuters – H&R Block Inc said on Tuesday
it is shutting down Option One Mortgage Corp’s lending business
and slashing 620 jobs as its sale of the struggling subprime
mortgage unit to Cerberus Capital Management LP has fallen
through.

Filed under Real Estate Blog, Real Estate Business by Yahoo! News: Business - Real Estate

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