BankAmerica Corp.'s buyout of Arbor National Mortgage for $16.35 a share, or about $118 million, announced Monday, sent those involved in-other potential sales of mortgage banks scrambling for a reading on. the implications.

Shares of North American Mortgage Co., which has traded as high as $34.75 on takeover speculation, fell Monday by $2.125, to $28.875, largely in reaction to the news.

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