Though the friction associated with the 1998 merger of NationsBank and Bank of America has been relatively slight in the asset-backed groups (compared to other banking arms), in late May, Bank of America officially closed its Dallas-based securitization unit - notably the bank's last remaining product group in Dallas.

The closure was part of the overall geographic consolidation effort on BofA's part, said one source. The BofA securitization groups are now centralized in Chicago, IL and in Charlotte, NC, where group co-head G. Whitfield McDowell is still very much in charge.

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