One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

42,000 Employees Handle Problem Loans

If you think that the distressed real estate market will be ending soon, consider the fact that of the approximately 275,000 Bank of America employees — one in six — about 42,000 people spend their days servicing giant bank’s distressed and problem loans.

The info comes from a report from Reuters.

Wonder why B of A looks as short sales (and even offers short sale incentives up to $30,000) as a solution rather than deal with the slew of problem mortgages, loan mod re-defaults and REOs? It comes down to money. Consider that B of A has seen its operating costs in the distressed unit rise 29 percent from a year ago according to the report.

B Of A Adds 7000 employees In The Distressed Mortgage Departments

B of A has added more than 7000 employees in the distressed area, and uses third party companies to service their HAFA and expedited short sales. At the same time, B of A continues to slash jobs in other sectors of the bank.

Reuters reports that the distressed unit has grown more than tenfold since B of A bought Countrywide Financial in 2008.

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

One-Sixth Of Bank Of America Employees Work On Distressed Mortgages

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Filed under Banks, Foreclosure, Loan Modifications, Mortgages, short sales

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