Bank Of America Corporation

More than 100 workers will lose their jobs when Bank of America closes an office where workers bought mortgages from other lenders. The 105 jobs eliminated from the mortgage bundling operation in Florence are part of 3,000 jobs Bank of America said last month it would cut nationwide. The office was opened in 2005 and its chief job was to buy mortgages so they could be grouped and sold as bonds. But a downturn in the housing market and the rising number of foreclosures have left investors uninterested in mortgage-backed securities.