There's a little more to what went on than the administration failed to "persuade the servicers to play ball and so has left most of its $75 billion unspent." They had $75 billion. Even in a completely banster-friendly program they could have, you know, been a bit more persuasive because they had...$75 billion with which to persuade.
Also, too, the politics of debt relief are a lot better than the politics of endless 9.1% unemployment.
