First of all, the loan modification program is only 75 billion compared to 13 trillion committed and up to 24 trillion. Seems to me worrying and complaining about 75 billion in lieu of the 24 trillion is a little disproportionate and misguided in the grand scheme of things.
Everybody may want to ask themselves why more than the equivalent of the whole mortgage market needs to be committed. It’s obviously more than a few FBs.
Frankly, if we want to talk about responsibility what about engineering a system where a few 100 billion in bad loans can cause a 13 trillion dollar problem. If a structural engineer designs a bridge and it collapses from not calculating inclement weather they get fired and blackballed from the industry. In finance we give the more money and control over the rebuild.
