- Associated Press - Tuesday, February 3, 2015

NORFOLK, Va. (AP) - Bank of America is planning to lay off more than 200 workers in Norfolk in a division that handles troubled mortgages.

The company recently filed a notice with state and local officials alerting them to the planned staff reduction in the Legacy Asset Servicing division. Layoffs are expected to take place March 29.

At its peak in 2012, the unit employed 42,000 full-time workers across the company as the Charlotte, North Carolina-based bank dealt with more than a million past-due mortgages. The bank has cut a third of those jobs as it reduces the number of delinquent loans through mortgage modifications, short sales, foreclosures and wholesale loan sales.

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