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The Charlotte banking company announced Friday the establishment of Legacy Asset Servicing to oversee the servicing of all defaulted residential mortgage loans and discontinued lending products.
February 4 -
The big five servicers technically passed the first test of their compliance with the $25 billion national mortgage settlement, but four of them failed to meet at least one requirement and the settlement's monitor received nearly 60,000 complaints.
June 19
Bank of America (BAC) is laying off hundreds of workers from a unit that services troubled mortgages.
The bank will lay off 411 Dallas-area workers from its Legacy Asset Servicing unit, the company said Monday. The layoffs will take place Sept. 30 and the workers affected will be offered severance pay and benefits, it said.
Bank of America
In a statement, Bank of America said the layoffs follow "the successful reduction of our portfolio of delinquent mortgage customers." The bank noted that it has more than 26,000 employees in Texas.
Last week, the bank was