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BofA Sets Mortgage Cleanup Unit
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Bank of America's mortgage unit will have a new head who reports directly to CEO Brian Moynihan. Terry Laughlin who worked previously with Moynihan at FleetBoston Financial will head the unit. The unit is called the "Legacy Asset Servicing" group and has 1.3 million delinquent loans. This is part of an effort to deal with the losses from delinquent loans. As part of this effort the bank will exit the busiess of reverse mortgages to concentrate on critical areas. Because of the bad loans that came with the acquisition of Countrywide in 2008, the mortgage unit lost $8.9 billionin 2010. In the fourth quarter the bank also recorded a $2 billion noncash impairment on a drop in value of that business and took a $4.1 billion provision to cover buybacks of mortgages that government agencies and others purchased from Countrywide.
Bank of America management under C.E.O. Brian Moynihan
12/11/2010
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Countrywide, its founder Angelo Mozilo, and Bank of America
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Countrywide is now a unit of Bank of America. Countrywide became known for questionable practices in the mortgage lending business. Countrywide turns out to be a failed and dangerous acquisition for Bank of America.
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Bank of America mortgage unit
01/05/2009
The effort to cleanup 1.3 million delinquent loans, a large part of which came with the acquisition of Countrywide Financial in 2008. Countrywide led by Mozilo is said to be one of the largest firms behind the mortgage mess.
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BofA's Blunder: $40 Billion-Plus
Wall Street Journal 06/29/2012
A Toxic Subprime Mortgage Bond's Legacy Lives On
Wall Street Journal 09/13/2013
Finally, Borrowers Score Points
New York Times 06/11/2010
Court Weighs Penalty in Bank of America 'Hustle' Case
Wall Street Journal 12/06/2013
Angelo Mozilo of Countrywide Settles Fraud Case for $67.5 Million
New York Times 10/15/2010
Bank of America to Pay $6.3 Billion To Settle Mortgage Securities Suit
New York Times 03/26/2014
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