Fixing the Mortgage Mess is a Very Complex Issue
RisMedia had an excellent article recently about the efforts borrowers, lenders, and government are making to straighten out the mortgage problems of the country.
While there are new programs for restructuring the loans, like Hope for Homeowners, they have actually helped very few borrowers. The banks have to weigh the cost of foreclosure and resale vs the loss they'll take if they refinance. And borrowers have to be willing to pay a mortgage on a property which is higher than the home's value.
There certainly are no easy answers. Read the full article at RisMedia, Few Borrowers Can Revise Mortgage Loans.