And an industry observer wrote to me, "The nation's banks did 29,000 HAMP loans, while we have over 4.2 million in foreclosure. That's about 1/2 of 1 percent or 6% annualized. Since the Fed seems to finally admit it going to be a long drawn-out recovery, as opposed to prior Bernanke statements that it was contained. If servicers keep taking 800 days to foreclose, plus the several-year Freddie or Fannie restriction on new loans or buying, we are going to lose over 4 million buyers for 6-7 more years alone.

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