Housing shouldn’t look at any color but the color of money

Housing shouldn’t look at any color but the color of money

People with bad credit and bad habits should be squeezed out of housing

Who is Nat Hardwick?

Former LandCastle Title CEO owns NASCAR team, rubs elbows with PGA pros

Lawsuit alleges former LandCastle Title CEO embezzled $30 million

Nat Hardwick allegedly used funds for private jets, gambling
W S
Servicing / The Ticker

Bank of America reduces legacy servicing costs

medical and money
/ Print / Reprints /
| Share More
/ Text Size+

According to Seeking Alpha, Bank of America (BAC) is expected to reduce its legacy mortgage servicing costs, estimating that its LAS expenses — excluding litigation — to fall below $2 billion by the fourth-quarter.

Bank of America's Legacy Asset Servicing costs are expected to drop to a normalized run rate of $500 million per quarter by the end of 2015, says KBW's Chris Mutascio after a meeting with the bank's CFO Bruce Thompson. This compares to $2.3 billion in Q2 of this year. Annually, this is $7.2B in savings over the next 2 years and beyond (mostly by way of layoffs as the beefed-up staff hired to deal with non-performing mortgages is cut).

Source: Seeking Alpha
Read full story

Recent Articles by HousingWire Staff

Comments powered by Disqus