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by CareyBot

A private equity firm headed by billionaire Wilbur Ross would become the second-largest servicer of subprime loans -- collecting payments on about half a million mortgages -- if it closes a deal to acquire the servicing business of Option One Mortgage Corp. H&R Block Inc. announced today that W.L. Ross & Co. LLC has agreed to purchase the servicing business of its Option One Mortgage subsidiary and the company's call center in India for about $1.1 billion At the end of January, Option One held servicing rights to $54 billion in mortgages, or about 300,000 loans, according to H&R Block's latest quarterly report to investors. WL Ross last year agreed to pay about $500 million for the rights to service bankrupt lender American Home Investment Corp.'s portfolio of m...