THE PIG IN THE PYTHON

"Now we can begin to explain our title. Zelman closely watches the problem loans (the pig) that need to be moved through the long foreclosure and REO process (the python), so that the houses can be put out onto the market and absorbed. The government has chosen to deal with the problem loans first by trying to turn them into non-problem loans, through the various foreclosure moratoriums and modification programs. Why have these programs been so ineffective in relation to the size of the problem? "