Loan modification regulations
The recent change in political power from the right to the left has definitely had an effect in loan modification regulations.
George W. Bush was known for being a big fan of deregulation. Deregulation is good sometimes, and bad other times. Some say that regulation just holds commerce and capitalism back while others fear that it is necessary in order to look out for the consumer.
Obama on the other hand has made regulation of the financial markets, including loan modifications one of his top priorites.
I think that there are a few basic regulations that are necessary in order for loan modifications to be a successful experience for everyone involved.
The homeowner is very vulnerable at this stage, he or she can barely make there house payments, they are an emotional wreck, long story short it is not hard for “creative” “bad guys” to take advantage of them. That is what happens a lot of the time. A basic set of common sense regulations seem to be the best for everyone involved.