Bank of America has formed a new unit to deal with its delinquent home mortgages. Heading Legacy Asset Servicing is Terry Laughlin, who joined the bank last year after departing as ceo of OneWestBank. Legacy Asset Servicing will also handle investors’ requests that the bank buy back bad loans, while Barbara Deoser will continue as head of home loans and insurance. Bank of America also announced that it will discontinue offering reverse mortgages and channel resources from that unit to its core mortgage operations.
