Mortgage Modifications Are Seen as Adding to Housing Woes - NYTimes.com: "The Obama administration’s $75 billion program to protect homeowners from foreclosure has been widely pronounced a disappointment, and some economists and real estate experts now contend it has done more harm than good."
The housing and financial markets collapsed because millions of people bought homes they couldn't afford. Obama & Co. decided the fix for that was to keep people in homes they couldn't afford for a few months longer. It was never a fix to begin with. It was just delaying the inevitable, which in turn is prolonging the recession that Obama & Co. say is over.