Bank of America sells $990M in loans to HomeStreet, causing their stock to rise 2%.

From StockTwits: 2024-12-27 16:08:13

Bank of America (BAC) CEO Mark Mason announced a strategic plan to return to profitability, with the first step being the sale of $990 million in multi-family loans. This caused HomeStreet Inc (HMST) shares to rise over 2%. The sale, at a 92% value of the principal balance, is expected to close before the end of 2024. The proceeds will be used to pay down higher interest rate debt. Retail sentiment on BAC stock is currently bullish. HomeStreet’s shares have gained over 10% this year, while BAC shares have risen over 30%. Wedbush raised HomeStreet’s price target to $15, noting potential better pricing in the loan sale.



Read more at StockTwits: HomeStreet Stock Rises On Agreement To Sell $990M Multifamily Loans To Bank Of America