After today's All Hands Call with Berens and company, I figure Loss Mit has 3-4 months left at most. Then, a few of us will be folded into a new quasi, "foreclosure, short sale, deed in lieu, bankruptcy, repossession unit. Like it was before the "Great Recession" where the weird old dude in the corner desk handled all of that. Am I wrong?
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what about the modification
Sadly that was what LAS was created for, to get loans off the books. It was always intended that those jobs would go away. Executives have been rewarded with jobs in originations look at boland, Carey, thorn, Doyle they all did their time in LAS. Sadly in many cases they forgot the people that helped them achieve. The culture stinks and they will reap what they sow,
under 100 deed in lieu left. less than 2,000 short sales left. REO is under 2,000. We close about 300 deals a month in reo and s.s and the figures given on the call were from October.
More than likely a few of us will be folded into Collections and work the odd files. A combined short sale, bk, foreclosure REO position, which was how it was pre-Great Recession.
We sold off over 800,000 delinquent loans to other servicers. The loans are still bad, just other peoples problems now (nationstar, ocwen, greentree, etc)
what was said that u got to that point?
Perfectly observed, you are not wrong bro - that's it
Must have been some really rough hands in that meeting to only give him 3-4 months.