Posted on Thursday, March 10, 2011
The head of Bank of America's new Legacy Servicing division,which controls about half the 14 million loans serviced by BofA, was quoted as saying that they'll work through the backlog of delinquent mortgages in the next three
years. Legacy Servicing, received
virtually all of the 60+ day delinquent loans which are estimated to be over 2
million loans! It seems to be a job with a future - when you adjust for expected
modifications, re-defaults and new delinquencies from legacy loans, Legacy will
be attempting to dispose of 80,000-90,000 loans per month!