This purchase by Seattle-based Washington Mutual, along with its recent acquisitions of Bank United Corp. and the mortgage operations of the PNC Financial Services Group, makes it the second largest mortgage servicing business in the country with a portfolio of $451.5 billion.
In a statement, FleetBoston, notes that the banking company, one of the area's largest, expects to record a one-time after-tax loss of approximately $200 million in the first quarter related to the sale of the mortgage subsidiary. Last year, Fleet Mortgage accounted for nearly 2% of the company's consolidated earnings.
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