Moody's cuts BofA's mortgage-servicer quality ratings

05/4/2011 | Bloomberg

Moody's Investors Service downgraded the mortgage-servicer quality ratings for Bank of America amid questions about the bank's handling of loan documents. Moody's said the bank's ratings "remain on review for possible further downgrade due to irregularities in Bank of America's foreclosure process." Bank of America has made a number of changes to address mortgage issues, including expanding its mortgage-servicing staff.

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