Major Banks Have Hired Thousands to Help Win the Foreclosure Fight

Major mortgage servicer Wells Fargo, which owns one in six U.S. mortgages, has nearly doubled its staff working on restructurings, by adding nearly 7,000 employees this year. Citigroup has increased staff by about 54%, adding 1,400 positions.

The new companies that have been formed in response to the home-mortgage crisis also have been hiring. Private National Mortgage Acceptance Co., also known as PennyMac, was founded in 2008 by former executives of Countrywide Financial Corp. and now employs about 120 people.

The newly hired modifiers will present a number of options to a customer, with the goal of lowering a customer’s monthly payment to roughly one-third of their household income.

If you are someone you may know is struggling to pay their mortgage, please contact Eddie Perez, Broker-REALTOR, CDPE. As a CDPE, I can help you through any housing related crisis. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at or 201-344-2886.

Explore posts in the same categories: Distressed Properties

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