It should be remembered that when the Obama administration announced the HAMP program they said they were
allocating $75 billion for the project. If instead of kinda sorta maybe trying to nudge lenders to help homeowners they'd just used that money to pay down mortgages directly they could have reduced the principal by $100,000 on 750,000 mortgages. I'm not saying this is what should have happened, but my point is that there seems to be this obsession with bank shot policies, with the government not doing anything directly.
