H&R Block Leaving Mortgage Business - Oh yeah we are selling Option One too! H&R Block has decided to sell Option One mortgage (the first provider of my very first mortgage) to OOMC Acquisition Corporation. The expected closing date is H&R Block;s fiscal second quarter. From Stockwatch

"It said the transaction excludes Option One subsidiary H&R Block Mortgage Corp, which it has decided will cease operations. This will result in around 25 mln usd in pretax charges for severance, facilities closure and other costs and a 16 mln usd goodwill impairment charge of around 16 mln usd in its fiscal fourth quarter."

Once again the bitter pill is coated with sugar. The real story here isn't that H&R Block is selling Option One. It's that it's leaving the mortgage business altogether. This particular story is very clearly a rehashed corporate PR which is designed to hid a huge fact in plain sight, namely that H&R Block is leaving the mortgage business. That fact is thrown in as throw away paragraph at the end.

Labels: HRBlock, HRBlockMortgageCorp, OOMCAcquisitionCorporation, OptionOne

  ¶ H&R Block Leaving Mortgage Business - Oh yeah we are selling Option One too!