Bank of America Said to Send Property Reviews to India

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http://www.bloomberg.com/news/2013-06-27/bank-of-america-said-to-send-property-reviews-to-india.html

Bank of America Corp. opened a unit in India to review home-valuation reports as it seeks to rebuild share in U.S. mortgages at a lower cost, said four people with knowledge of the move.

Workers in the new Bangalore office follow checklists to determine if appraisals are complete, said the people, who requested anonymity because they weren’t authorized to comment. The firm also eliminated jobs of licensed U.S. workers in its LandSafe business, the appraisal division of the Charlotte, North Carolina-based company, which made $78.7 billion in loans last year, the people said.

“One of the biggest problems in the mortgage business is all the paperwork involved, and how do you engineer it to reduce the bottlenecks,” said Bert Ely, an independent banking consultant in Alexandria, Virginia. “With offshoring, the potential for problems is always there, but it’s hard to be critical for trying to minimize costs.”

Lenders around the world have vowed to boost revenue and curb spending to make up for sluggish loan growth and new regulations. Bank of America, which spent more than $45 billion to settle disputes tied to defective mortgages and foreclosures, is among the most aggressive cost-cutters with Chief Executive Officer Brian T. Moynihan planning to save $8 billion a year. The firm slipped from being the biggest U.S. mortgage lender in 2008 to fourth last year.

[AndyA]

1. Do not do business with Bank of America

There are other options. BOA is a horrible company--paying bonuses to employees for increasing the number of foreclosures! Close your accounts and move them somewhere else. If BOA is too big to fail, take your business elsewhere--then they'll be smaller and no longer too big to fail/prosecute.

[Egalitarian Thug]

2. Early adopters and innovators in what has become SOP for corporate "America".

They were off-shoring, after requiring that employees train their replacements, long before it was cool. They were covering up gaping security holes in their systems and allowing their customer's information to be stolen years before there was a World Wide Web.

Born in crime and working non-stop for decades to buy legalization legitimizing their crimes for over two centuries.