While there many who would disagree with the assessment that federal mortgage refinancing efforts such as the Home Affordable Refinance Program (HARP) are working, there are more than 600,000 homeowners who would say otherwise. To date HARP has allowed more 600,000 homeowners who could not refinance bad loans due to property values to get new mortgages with better rates and terms. That's 600,000 families that escaped foreclosure. It's working!
I believe government programs providing mortgage refinancing are working for some. I think this is a very small group but some will manage to make it through this recession and stagnation without losing their homes. It comes far too late for many people however. I think the government should have done more for those who remained smart and financially responsible through the recession.
Yes, those government programs have managed to ensure that the housing crises will never happen in the manner that it did in 2008 ever again. It's important that the government provide these opportunities for our people and also for our economy. It's the safest bet, especially against the big banks.
No, government programs providing mortgage refinancing are not working, because they impede the ability of the lenders to make decisions for themselves. A bank is not going to want to make a bad loan. If the government makes a bunch of regulations and provides financing, they might feel like they don't have a choice.