I know of more than one person that tried to get the adjustment.
Of those, I only know ONE COUPLE THAT GOT IT. He just happened to be a loan officer. They did need it, but why were they the only ones that could make it through the process??
Banks don't want to modify loans. Regardless of the B.S. on tv, most homes are probably still worth more than the loan payoff. Better to get all that money right now than wait month after month for the pmts coming in at a reduced interest rate.
I read somewhere that all the money given and/or lent to the banks was enough to pay off every mortgage in America. Wouldn't surprise me. If true, that certainly would have freed up plenty of money for banks to lend for business startups and new homeowners.