The slow process of foreclosure prevention forces the White house to pass on the burden to mortgage industry. Particularly, the companies that do not give sufficient aid to borrowers at the peak of loosing home.

This will begin through monitoring companies’ work and call for two reports daily in their progress by launching in three persons “SWAT teams”.

Earlier this year, mortgage companies involved themselves by agreeing to contracts that will allow government withhold incentive payments or end their contracts with Treasury. These payments will not be provided until they create a loan modification. But if they won’t, what will be their consequence?

A completed paperwork was necessary in the loan modification program for the borrowers to avail more affordable mortgage payments. What happened to those who have completed them but still are waiting? How about the estimated 60% of 375,000 borrowers who can’t complete them? Will they not be given equal chance by the government to avail this reduction of as low as two percent for five years?

The Treasury will post a list of companies that are lagging to somehow embarrass them to do better in addressing the needs of borrowers. This highlights the flaw of the program. And that is, the government has a small amount it can do besides embarrassing the industry into doing better since participation was voluntary.