I would guess and make a prediction that it will take more than 3yrs to Fix BofA's toxic loan portfolio.
BofA to Double Outreach Staff but Fixing Legacy Issues to Take 3 Years
To illustrate the scope of the challenge ahead, Laughlin explained that Bank of America’s total servicing portfolio – performing and nonperforming assets – amounts to $2.1 trillion, or about 14 million loans.
Forty-eight percent – 6.7 million loans worth $1 trillion – will transfer to Laughlin’s legacy servicing division. The rest will remain under the Bank of America Home Loans umbrella, which servicers mortgage customers who remain current.
“We gonna get after this, we’re going to do it the right way, and we’re going to put it to bed over the next 36 months,” Laughlin told BofA shareholders. “We’re making good progress, and we’re already deploying strategies to more rapidly resolve these portfolios that balance borrower, mortgage investor, and shareholder interest.”
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