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Loan Mod Program Left Homeowners' Fate in Hands of Dysfunctional Industry

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View Ratings | Rate It Headlined to H4 2/19/11

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The Obama administration bet the success of its foreclosure prevention program on the ability and willingness of that same troubled industry to help homeowners -- and lost. The program, overseen by the Treasury Department, has been characterized largely by lax enforcement and deference to banks. mortgage servicers, the largest of which are the nation's largest banks, don't own the vast majority of the loans they handle. So, they don't bear the loss if the loan goes to foreclosure. In fact, servicers often make money from foreclosure fees.

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