Bank of America Promotes Laughlin to Clean Up Soured Mortgages
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Bank of America Corp. Chief Executive Officer Brian T. Moynihan promoted a former FleetBoston Financial Inc. colleague to clean up soured mortgages that fueled losses at the biggest U.S. lender by assets.
Terry Laughlin, 56, will lead the new Legacy Asset Servicing unit for modifying delinquent mortgages, handling foreclosures and resolving investor disputes over faulty loans originated by the company. He joined Bank of America in August, leaving his post as CEO of Pasadena-based OneWest Bank. Laughlin was head of strategy at Fleet, and was on the executive committee with Moynihan.