Bank of America, Citigroup Said to Sell Soured Home Loans

Does anybody know if these loans already exist in trusts and are just additionally repackaged to rob Peter to pay Paul?

Justice League

And those crappy loans will be sold to either non-banks or hedge funds… Good luck to the idiots that buys the crap loans…

Bank of America Corp. and Citigroup Inc. (C) are selling multiple pools of soured U.S. mortgages to meet demand from investment firms that are pushing prices higher, according to three people with knowledge of the matter.

Bank of America put about $1 billion of troubled debt on the market last week, consisting of nonperforming loans and some where payments have resumed, said the people, who asked not to be identified because the offerings are private. The Charlotte, North Carolina-based lender also is marketing about $1 billion of soured home loans with Wells Fargo & Co., according to one of the people. Citigroup is separately selling about $1 billion of nonperforming and re-performing mortgages, the people said.

Dan Frahm, a spokesman for Bank of America, and…

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