Bank of America (NYSE:BAC) Close to Selling Balboa Insurance

Bank of America Corp. (NYSE:BAC) is reportedly close to selling Balboa Insurance Business to Australia's QBE, with a deal possibly being reached as early as this week.

People close to the situation said negotiations are ongoing and the deal could still fall apart.

Bank of America took control of Balboa when they acquired Countrywide Financial Corp in 2008. Balboa is among the biggest insurers of foreclosed properties and homes.

In 2009, earnings for the insurer came in at $410 million, and has about $2 billion in capital on hand at the time.

Terms of the deal were for an upfront payment and an undetermined amount which will be set by the future performance of the unit.

Bank of America was trading at $14.27, down $0.05, or 0.31 percent, as of 3:03 PM EST.