Please read Chapter 10, and do independent web research on today's mortgage foreclosure crisis. This crisis has impacted both the residential and commercial real estate finance markets.

1. Real estate foreclosures in some areas has climbed to very large (even 50%) of the housing stock.

2. Banks have voluntarily attempted mortgage modification programs for some real estate owners.

3. The federal government has required mortgage modifications programs, or provided funds for such programs, in an effort to lessen the impact of the foreclosure crisis.

How has the traditional foreclosure process discussed in Chapter 12 failed under these unusual circumstances? Please discuss that question and at least 1 of the 3 points above.