Bank of America: After-Hours Trading

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Johnny Oxygen
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Bank of America: After-Hours Trading

NEW YORK (TheStreet) -- The nation's biggest bank was one of the big movers in after-hours trading on Friday as Bank of America(BAC_) gained ground on news it's formed a new business unit to handle all of its soured home loans as well as its since-discontinued residential mortgage products.

...The Charlotte, N.C.-based company said the Legacy Asset Servicing unit is being led by Terry Laughlin, and that it encompasses the bank's mortgage modification and foreclosure programs. In addition, Bank of America said it plans to exit the reverse origination mortgage business and increase the focus on its core mortgage operations.
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