Bank of America on Friday created a new unit to sort out its on-going foreclosure issues, making it the first large U.S. bank to do so.
The Charlotte, N.C.-based bank will promote Terry Laughlin to oversee the new unit, which is called legacy asset servicing. Shortly after the announcement was made, Laughlin appeared on "Mad Money" to share details.
"This lets us ring fence the distressed side of the business and put real focus around it," Laughlin told Cramer. "We're going to devote even more resources to resolving these delinquent loans, making sure borrowers get the modifications they deserve and they need, as well as, if we need to move past modifications we can do that in a timely manner."
To see the full interview, watch the video.
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