Bank of America has appointed Terry Laughlin to manage a new division, The Wall Street Journal reports. The new unit, Legacy Asset Servicing group, will monitor the bank’s 1.3 million delinquent loans, handle oversight of foreclosure efforts and deal with investor demands to repurchase bad mortgages.
In his new role, Laughlin will work under Brian Moynihan, CEO. Formerly, Laughlin was a FleetBoston executive who joined the bank in July 2010 as a credit loss mitigation executive.
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