Bank of America Corp., the Phoenix area's third-largest bank, has formed a division to deal with toxic mortgages. Legacy Asset Services will service defaulted loans and discontinued residential mortgage products.
The unit will be headed by Terry Laughlin, who will oversee the bank’s mortgage modification and foreclosure programs, and will continue to be responsible for resolving residential mortgage representation and warranties repurchase claims.
Barbara Desoer, BofA’s home-loans president, will continue building the Charlotte, N.C.-based bank’s mortgage business. Desoer is responsible for servicing loans for the more than 12 million mortgage customers who remain current on their accounts, and for implementing the bank’s strategy to be the preferred mortgage choice for its 50 million household customers going forward.
In 2010, Bank of America (NYSE:BOA) delivered $306 billion in mortgage lending to 1.4 million customers. It has a 22 percent share of deposits in Maricopa County at $13.7 billion.
“This alignment allows two strong executives and their teams to continue to lead the strongest home loans business in the industry, while providing greater focus on resolving legacy mortgage issues,” says CEO Brian Moynihan. “We believe this will best serve customers — both those seeking homeownership and those who face mortgage challenges — as well as our shareholders and the communities we serve.”
No comments:
Post a Comment