New BofA Unit to Handle Loan Mods
Bank of America has announced a new division that the problem mortgages and loan modifications, in an attempt to handle the processing of delinquent loans to improve and resolve issues related to toxic mortgage assets to create.
The bank also plans to participate in more than 400 homes to save scholarships announced in 2011, where at-risk homeowners directly met with bank representatives to foreclosure to look for alternatives, like the creation of new customer support centers in hard-hit communities and expanded partnerships with nonprofit consumer counseling agencies.
A second new unit will be responsible for the maintenance of healthy mortgages where the borrowers-date on their payments, about 12 million in total, and for making new mortgage loans. The new unit, called Legacy Asset Servicing will be responsible for all mortgages in default, including maintenance of those loans and the processing of all loan modifications and foreclosure proceedings.
The device will also be responsible for the maintenance discontinued mortgage products and solve the investor demands that the bank buy back billions of dollars in bad mortgages. It is the final step in the efforts of the bank to the headache on the acquisition of mortgage lender Countrywide failed in 2008 left to resolve. The device will be about 1.3 million mortgages to oversee most of them obtained in the countrywide transaction.