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Bank of America: Its New Toxic 'Legacy'
Bank of America plans to move at least 1.3 million mortgages-gone-bad from its books to a separate corporate entity - Legacy Asset Servicing - most coming from the bank's acquisition of Countrywide Financial. And, just in case you're wondering, Bank of America’s home loan division will retain about 12 million healthy mortgages.
CEO Brian Moynihan hopes this latest effort will enable the bank to distance its other operating units from the tens of billions in toxic mortgage assets. It will allow the home loan division to focus on future opportunities, as well, while assets of Legacy Asset Servicing are gradually wound down.
BofA further intends to have Legacy Asset Servicing handle home loans in default - including initiating foreclosure proceedings, and deal with billions in claims by investors seeking to force BofA to buy back bad mortgages. [NYTimes, 2/4]
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