Problem Loans Outpacing Efforts by Industry & Government

I read in a newsletter for real estate brokers (ask me privately for the source) that "problem loans are far outpacing the efforts of the lending industry and the government to restructure unaffordable mortgages."  The ratio is almost 3-to-1 of loans going bad to restructuring loans.  This on top of the fact that most modified loans are delinquent and/or in default in one year.

It's all politics and trying to look good; even if it's wasting taxpayers money to look good.

Can they really wait until the economy turns around to deal with all of the foreclosures and bad loans?  I don't think so...