Will Job Cuts At Banks Hurt Government Plans For Mortgage Workouts?
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Sitting here reading the news that Citigroup is cutting 75,000 jobs and knowing other banks are cutting back has me wondering:
How are the banks who are already short staffed in their mortgage departments going to handle the influx of loan modifications that the government is mandating?
Seriously, lets think about this. The banks and lending institutions have a hard enough time tracking down the paperwork to get a short sale approved as it is. With the new government mandates short sales will be at the bottom of the list to get worked out.
And the banks are not firing the tellers and branch managers, they will be firing all of the behind the scenes workers who are supposed to get things done.
I do not see how the banks will be able to rework all of these mortgages in a timely manner, do you?
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