Bank of America hired former Saxon Mortgage CEO Tony Meola as a default servicing executive in its mortgage division.

The nation's largest servicer of residential loans also hired Eric Telljohann, formerly chief financial officer for BofA's Consumer and Small Business Bank, as a credit loss mitigation executive.

During his long career in mortgage banking, Meola has worked for several companies besides Saxon, including Washington Mutual, subprime giant New Century Financial Corp., PNC Bank, Citibank, and others.

Meola's hiring was mentioned by the bank in a press release issued when it announced the formation of Legacy Asset Servicing, which will concentrate on curing the bank's huge portfolio of defaulted mortgages.

In other BofA staff news, on Tuesday the company said it had hired Jeff McLane as president of Bank of America Business Capital. McLane joins the bank from its Merrill Lynch affiliate where he was in charge of asset-based capital markets.

McLane is based in New York and reports to Laura Whitley, miiddle market banking executive in global commercial banking.

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