My previous articles in this series criticized the Obama administration’s new "Making Home Affordable" (MHA) program because it ignored negative equity — which is the major factor underlying the currently horrendous foreclosure rate — and because it offered refinance relief only to borrowers lucky enough to have their mortgages owned or guaranteed by Fannie Mae or Freddie Mac. This article is about the loan contract modification part of the program, which covers loans owned by any investor.

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