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Bank of America claims Ditech's sale of RMS "threatens to abandon" elderly reverse mortgage borrowers

Ditech Holdings announced last month that it had entered into an agreement to sell its reverse mortgage business, but now one of its big-named clients is formally objecting to the sale. Bank of America, which has a reverse mortgage servicing agreement with Ditech subsidiary Reverse Mortgage Solutions, filed a motion in court Thursday objecting to the deal as it currently stands, claiming that it “threatens to abandon the thousands of elderly borrowers” whose reverse mortgages are being serviced by RMS.

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