Brief
With interest rates at 40-year lows, growth for real estate lenders was brisk. But at a leading US bank, the mortgage unit wasn't pulling its weight. Its information technology organisation, perceived as having failed to deliver on a string of projects, had lost the confidence of senior executives. IT spending had fallen 40% below the industry average. When mortgage lending took off, the bank's aging system could not match competitors' quotes and programs. Frustrated, managers had no choice: the IT team was cleared to build the necessary mortgage system—in a 75 million euro multiyear project.