11-20-2013: About 3,000 people will be terminated at Bank of America due to the effort of reducing the volume of non performing loans. WSJ, 10-25-13,C2
In response to investigations into major bank mortgage loan servicing problems, Bank of America has decided to form a department (Legacy Asset Servicing) to ensure the existing 1.3 million delinquent loans are monitored to ensure they are properly administered and deal with any repurchase of bad loans.
Over the past year (2011-12), B of A hired 7,000+ employees and 16,000+ contractors – but has it helped alleviate the leftover bad loans from the Countrywide buyout? Who knows…
Note: 12 million performing loans are being handled by Bank of America.
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