President Barack Obama is counting on banks to help revive the economy by refinancing home loans for as many as 5 million borrowers and modifying the mortgages of another 4 million who don’t qualify for refinancing. Lenders, swamped by customers, miss an estimated 750,000 calls a month, which could translate into 125,000 mortgages added to the 850,000 loans that are made each month, according to Guy Cecala of Inside Mortgage Finance. ..Since the housing bubble burst two years ago, lenders have cut staff 44 percent to about 280,000 from more than 500,000, according to data compiled by the Mortgage Bankers Association in Washington.
By Bob Ivry, April 20, 2009, Bloomberg

Link to article