Bank of America to cut hundreds of legacy servicing staff

Bank of America is laying off more than 120 employees from its home loan department in Simi Valley effective later this year. The financial institution said the layoffs will occur in two phases – May 13 and Nov. 7 as it consolidates and reduces staff. – read more

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Bank of America’s (NYSE:BAC) Legacy Asset Servicing (LAS) division is the catch-all where the bank houses its worst assets. These assets are relics of the pre-crisis era, where anyone that could fog a mirror could get a mortgage, and namely, from BAC’s then-independent Countrywide unit.

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’s Legacy asset servicing division initiates foreclosure proceedings and deals with investors who want to buy back troubled mortgages. But with fewer individuals now at risk of facing foreclosure, the $1.5 trillion-asset company has been trimming staff. Last summer, Bank of America cut 540 mortgage jobs from its LAS division.

The Bank of America Corporation (abbreviated as BofA) is an American multinational investment bank and financial services company based in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto.Bank of America was formed through NationsBank’s acquisition of BankAmerica in 1998.

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