Bank of America Corp plans to reduce its mortgage servicing portfolio to about 6 million loans, down from about 8 million now and 12 million at its peak, Chief Executive Officer Brian Moynihan said Tuesday. The No. 2 U.S. bank by assets has been reducing its role in the mortgage business after taking huge losses on its disastrous 2008 Countrywide Financial acquisition. Servicing mortgage loans - collecting payments and assisting delinquent homeowners - has grown more expensive in the housing bust and requires more capital under new international rules.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC remained unchanged at $9.39. In the past year, the shares have traded as low as $4.92 and as high as $10.10. On average, 144540000 shares of BAC exchange hands on a given day and today's volume is recorded at 1383177.
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