Now is the time to prevent something that will really hurt the real estate market in many areas. The banks and if need be the Federal Government need to prevent thousands of people from walking away from their homes all at the same time.
Sooner or later more and more people are going to realize that most banks really don't give loan modifications. They are also going to realize that maybe it may not be so smart to try to do the right thing and try to stay in their present home. The banks have a chance to prevent this massive walk away or they will suffer the consequences along with us, the taxpayers.
Now that they've paid the tarp money back, the big banks seem to be in a position to foreclose and hold....
You definitely hit the nail on the head Joseph. They are not approving near enough loan mods to help folks keep their homes.