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From the article: Those homeowners have a lot at stake, too. Many of them could cut their interest payments by thousands of dollars a year.

Even HARP (Home Affordable Refinance Program) loans have failed to help the hundreds of thousands of American homeowners HARP was designed to help. Why? Because many homeowners have a 2nd behind an underwater 1st and the 2nd won't subordinate. Thus, homeowners are stuck in mortgage jail, unable to take advantage of historic low rates.

Just because the government devises a program doesn't mean lenders are going to implement the program as devised, or implement it at all.

Unless one is actually in the trenches, talking to homeowners and analyzing their situations, criticism of their circumstances is speculative at best and cruel at worst.
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