The point of this isnt to delay. This is a club to try to get more and more loan servicers to modify loans. The hope is that a) more loans will be modified to stop foreclosure, b)this will help stablize house values and maybe see some increases, further reducing foreclosures as fewer and fewer people are underwater.

It is a bunch of Bull$%^@, but then the people who wrote this crap actually believe that the problem is falling prices (not bubble prices), and the solution is foreclosure prevention (not affordable prices). Besides, the state government has been kicking the budget can down the road for YEARS, and look how well THAT has turned out for us!