Executives from the nation's leading banks were summoned to Capitol Hill yesterday for a spirited session of finger-pointing and bar lowering with officials from HUD and the Treasury. The Obama Administration's $75 billion Making Home Affordable program promised mortagage relief for 3-4 million U.S. homeowners (7-9 million are eligible according to the official website); yet, only 200,000 loans have been modified to date. The day ended with all parties agreeing to try to modify 500,000 mortgages by November. Good luck. When a Kansas City bus driver can't qualify because his income is too high, you can better understand why MHA is being described as "a confusing, bureaucratic nightmare."
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