Flagstar Bancorp (NYSE: FBC) announced plans to outsource the servicing of defaulted mortgages, a move that could result in the layoff of up to 300 employees. The Troy-based bank said it expects to hire a subservicer, which it didn't name, to handle the serving operations. The business makes up less than 4 percent of Flagstar's overall service portfolio of $74 billion, according to this release. The company expects to report second-quarter results and to host its quarterly conference call on July 24.
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