NYT: How We All Suffer
How We All Suffer July 11, 2011 Kim Luu is the editor of Money and Risk and a principal at an independent brokerage firm specializing in retirement and 401(k)s. The federal Home Affordable Modification Program was badly designed, overly complicated and poorly communicated. Borrowers suffered through horrendous paperwork for months and years. People ran through their retirement savings during the process, and then lost their homes anyway. Meanwhile, banks are saddled with billions of dollars in losses and inventory that still need to be auctioned.