Hamsters with loans

There’s a lot of wheel-spinning when it comes to restructured loans. A bank regulator testified to Congress today that more than half of modified mortgages default again with six months.
I know the President’s goal is get to people before they’ve defaulted the first time, so perhaps this statistic just reinforces the need for that. But it also makes me question how successful any of these loan modifications will be. It still feels like we’re trying to “fix” the problem instead of “solve” the problem. You know what I mean?