Law Commons^™

Evaluating The Impact Of The Home Affordable Modification Program In Response To The Foreclosure Crisis: Why Real Estate Securitization Demands A New Approach, John Kinney

University of the District of Columbia Law Review

This case presents an unfortunate, but all too common set of circumstances in the world today. Plaintiff is a homeowner in financial distress who seeks a loan modification from an unresponsive bank relying on an ineffectual federal program. This statement, by Magistrate Lois Bloom in Rivera v. Bank of America, best captures the utter frustration felt by financially distressed homeowners and sympathetic judges regarding the government's failed efforts to stem the foreclosure crisis. Heard countless times in thousands of courtrooms across the country in the aftermath of the 2008 global financial meltdown, Magistrate Bloom expressed what seemed deliberate efforts by …