Bank of America Corp. (BAC).(N) plans to reduce its portfolio of 850 billion in troubled mortgages by nearly half over the next three years, new head of unit Mortgage Bank told the Financial Times.
The Bank looks to this seeks to quickly resolve problems related to the crisis of housing and the purchase of Countrywide Financial, said the paper.
Last month, Bank of America posted an unexpectedly strong decline in favour of the first quarter of spending of seized delays home weighed on its mortgage business.
Terry Laughlin of BofA requested to fight against the growing number of bad debts which affect the overall performance of the Bank, reported the Financial Times.
"We isolate problems and quickly identify the resources that we need to fix," Laughlin said the Financial Times.
Bank of America said March was not its mortgage activity expected to return to normal remuneration until 2014 or later, while most of the other companies could recover in 2013.
Laughlin wants to simplify the process of amendment, whereby borrowers are generally offered lower monthly payments for a period of time, to better manage the high number of delinquency, said the daily.
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