"They're getting nothing now while if they had just reduced the principle, they would have made more money and contributed to the salvage of the American economy. "
Actually what is happening is that the foreclosures result in the banks taking the property back and then taking a loss by reselling it to someone else for a lower price. The end result is that the property is owned by someone that can afford it rather than someone that can't... and the banks take a loss on the property.
"Obama should have somehow forced the loan modification issue. "
Well... they tried that but if I remember correctly the government can't rewrite contracts because they think someone should have different terms.
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