The Government’s Incredible Shrinking Mortgage Mod Program
Pro Publica's analysis of the modification program is that it is shrinking.
Banks records of modifying loans has been meager. So it looks like the Banks are winning, people are giving up and walking away. So Fannie mae and Freddie Mac pay the banks, the banks then sell the house. The tax payers ( the people) pay Fannie Mae and Freddie Mac, and the Banks continue doing business as usual. Execpt one small thing. They got even more houses then they would have if the government didn't lead the borrowers to their door.
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