Bank of America to split mortgage business

Posted by puguh on Sunday, February 6, 2011

Bank of America to split mortgage business. NEW YORK — Bank of America Corp. on Thursday said it is splitting its mortgage business into two units, with a new division created to handle foreclosures and discontinued loan products.

The bank said the new Legacy Asset Servicing unit will be responsible for resolving issues involving faulty paperwork that led Bank of America to suspend foreclosures in all 50 states in October.

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