Safeguard Acquires BofA REO Operations

Safeguard Properties announced in a statement Thursday that it has reached an agreement to acquire the entire field service operations of  Bank of America.

Through the agreement, Safeguard will take on the employees and vendor network of the field service operations out of three facilities – two in California and one in Texas. The transaction is scheduled to close in 60 to 90 days.

The cost of the acquisition and the number of employees to be added was not revealed in the statement. A company spokesperson said until closing, Safeguard is not in a position to discuss any details, and the statement provided is all that can be said.

Safeguard will be responsible for inspecting and maintaining the bank’s portfolio of defaulted and REO properties.

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