Citigroup said it has hired 1,400 employees for its mortgage business
over the past few months to meet the Obama administration’s mortgage
modification goals. The company has also invested in additional
telephone lines and infrastructure to process mortgage modifications.
The company already had about 2,600 employees dedicated to dealing with
late mortgage payments, said Sanjiv Das, CEO of CitiMortgage. The
division now has a staff of about 10,000, the same level it was at last
year before several rounds of job cuts. Banks in the federal Troubled
Asset Relief Program, including Citigroup, are required to participate
in the government’s Home Affordable Modification Program. … [more]