New Division at Bank of America set up to Handle Defualt loans

Bank of America Establishes New Unit to Handle Defaulted Loans

From DSNEWS:  Bank of America has set up a new operational division to service all defaulted residential loans. It will be led by Terry Laughlin, who will oversee the bank’s mortgage modification and foreclosure programs, and is charged with resolving investors’ mortgage repurchase claims. The decision to establish a new, separate division to handle the company’s problem loans came out of the bank’s “self-assessment of default servicing” following the robo-signing scandal. » Read More