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KANSAS CITY, Mo. (AP) - H&R Block Inc. said Monday it has signed an agreement to sell its troubled mortgage servicing business for $1.1. billion to billionaire investor Wilbur Ross.
Option One Mortgage Corp., which has been rocked by the nationwide mortgage crisis, currently services about $53 billion of subprime mortgages, ranking it the fourth-largest in the nation. Kansas City-based H&R Block shut down Option One's mortgage originations after an earlier agreement to sell the division to Cerberus Capital Management fell through.
H&R Block shares, which have traded in a 52-week range of $16.89 to $24.02, rose 89 cents, or 5.1 percent, to $18.36 in trading Monday.
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