BofA: Mortgage Business Is on the Mend
Bank of America CEO Brian Moynihan told investors on Tuesday that its mortgage business is improving as more customers go back to borrowing, but it is still feeling the pain of bad loans.

"We now have to get through a million and a half customers we have [who are] seriously delinquent over the next three years," he said.

The effort is taking 20,000 workers and hired contractors, he said, which is driving up the cost of business.

Moynihan said the key to higher bank profits is to get customers to use more bank services. The bank’s research showed that the bank earned seven times more money when it got banking customers to cross over from banking to investment services to borrowing.

Source: The Associated Press (09/14/2010)