Bank of America Corp. choose employee to run mortgage business

Bank of America Corp. was using David Sambol along with Barbara Desoer to run their consumer mortgage operations, well now Sambol is set to retire and the bank has said that they will stick with one of their own executives to run this department. BAC has said that “We decided that we wanted a senior Bank of America employee who was well rooted in our culture and had extensive relationships throughout the company.”

Many will be glad to hear that Sambol is leaving the bank, as he and chief executive Angelo Mozilo were criticized for their poor underwriting standards. While there was a mortgage boom, Sambol had taken millions of dollars in pay all the time the bank was handing out billions of dollars worth of bad loans.

The Bank of America said back in March, that they would pay Sambol $28 million, so that he would stay with the company. Many will be angry to learn that Sambol could still receive this payout once he leaves the company.

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