On July 28, Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan will meet with representatives from the top 25 mortgage servicers to question why these servicers have not done more to facilitate loan modifications.

Our nation needs a stable housing market to pull itself out of the economic crisis. However, demanding that these servicers do now what they should have been doing all along — remaking loans suitable for each individual borrower — is not the answer. Instead, the Obama administration needs to recognize that those who created this mess are not going to clean it up.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.