Mortgage Woes: Servicers Can’t Keep Up With Demand
I remember wondering a while back why Countrywide
Countrywide Financial Corp had announced massive layoffs, just after hiring a considerable number of new employees. An analyst joked, “they’re probably in the loss-mitigation department.”
Well it’s not so funny anymore. I’ve been hearing for a few months now that one of the greatest impediments to saving troubled borrowers is sheer manpower. There are just not enough loan servicers to help these people work out their loans and work into more affordable alternatives. Today, Fed Governor Randall Kroszner said as much: Challenges remain because of “constraints on servicing capacity to expedite workouts.”
http://www.cnbc.com/id/22994887/site/14081545?__source=yahoo%7Cheadline%7Cquote%7Ctext%7C&par=yahoo
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