The New York Times yesterday ran an illuminating front-page article on the big banks’ troubles handling the avalanche of defaults triggered by the bursting real estate bubble. The writers cite one source who likens the banks’ efforts to re-tool their mortgage servicing departments to “transforming McDonald’s into a gourmet eatery,” and another who refers to the legions of inexperienced employees the banks hired to process foreclosures as the “Burger King kids.” Somehow I doubt Wendy’s will be demanding equal time.
