Two Years, 17 Relationship Managers And 50 Pounds Of Paperwork For $300 Loan Mod

"76% of borrowers had a "negative" or "very negative" experience with the program, and fewer than 9% found it "positive" or "very positive." Almost half of applicants waited longer than seven months to receive a decision on their application. Nearly 75% of the time loan servicers lost documentation -- which they then used to turn down applications. A Congressional oversight panel labeled the program a failure in December 2010. The Treasury Department has asked loan servicers to fix the problems but has not bothered to penalize servicers who don't comply."