Bank of America is scaling back its global ambitions with the recent sale of stakes in international banks. It’s a sharp reversal from a strategy former Bank of America CEO Ken Lewis touted on a visit to San Francisco and mentioned frequently to the investment community. The nation’s largest bank saw the investments as a way to participate in growing economies around the world while leveraging its skills as a retail-banking powerhouse.
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Quicken Loans has become the largest mortgage lender in the country over the last few years due in large part to the growth of Rocket Mortgage, the company’s digital mortgage platform. As it turns out, Rocket Mortgage is becoming so big that it’s now consuming other parts of the Quicken Loans family of companies too, namely the company’s reverse mortgage lender.
U.S. home prices increased 5.1% in the fourth quarter from a year ago, matching the pace of the prior quarter, according to the Federal Housing Finance Agency.