The great political might-have-been of the early Obama administration is why, alongside TARP and the fiscal stimulus, the White House did not start by pushing a comprehensive relief program for home owners.15 While the banks and lenders were bailed out, 9.3 million American families lost their homes to foreclosure, surrendered their home to a lender or were forced to resort to a distress sale.16 The measures that the administration did develop to offer mortgage rescheduling were derisory in their impact.
