Please conduct independent Internet research on the most recent mortgage foreclosure crisis. This crisis impacted both the residential and commercial real estate finance markets.
1. Real estate foreclosures in some areas climbed to very large percentages (as high as 50%) of the housing stock.
2. Banks voluntarily attempted mortgage modification programs for some real estate owners.
3. The federal government required mortgage modifications programs, or provided funds for such programs, in an effort to lessen the impact of the foreclosure crisis.
How did the traditional foreclosure process fail under these unusual circumstances? Please discuss this question along with one of the three points listed above.