Daily Archives: October 12, 2012

One-sixth of Bank of America employees work on troubled mortgages

How’s this for a slice of the scale of the nation’s mortgage mess: 1 in 6 of Bank of America employees (that’s 42,000 people) spend their days servicing the banking giant’s problem loans, Reuters reports.

BofA (NYSE: BAC) has seen operating costs in its unit that services problem mortgages rise 29 percent from a year ago, and the bank added 7,000 employees to the unit, called Legacy Asset Servicing, Reuters reports.

Read on.