Insurer QBE called a halt to trading yesterday and soon after articles started appearing on news services that it would announce the acquisition of a US mortgage insurance business from Bank of America.The Wall Street Journal on Wednesday night first reported that QBE is about the buy Balboa, a lenders' insurance business that is part of Countrywide Financial Corporation. This form of insurance differs from lenders mortgage insurance in Australia.Bank of America acquired the mortgage originator and servicer, Countrywide, in July 2008.BoA reported in its 2009 annual report that the Countrywide acquisition added US$1.1 billion to its insurance premium income that year.According to Dow Jones, BoA said last year that it planned to sell Balboa as part of asset sales to raise US$3 billion so it could complete its repayment of US government bailout funds.Balboa provides lenders' insurance on foreclosed and distressed properties. The business is similar to ZC Sterling, which QBE bought in 2008 for US$575 million.Reuters, quoting an unnamed US insurance analyst, said the business could sell for US$1.5 to US$2 billion.For once, none of the metropolitan media this morning have received a steer on what capital raising, if any, might be needed from QBE. The insurer may hope to fund the takeover without an immediate capital raising, a scenario flagged in one column in The Australian.