The bad news is the $75 billion HAMP program to protect homeowners from foreclosure has been widely pronounced a disappointment. The good news is that more than a few mainstream economists — and even some policy makers — are slowly being recognizing that it has only delayed the inevitable. We may end up with something more functional as a result. Some of this is discussed in a front page NYT article. It echos what I have been writing for 2 years now — that the mortgage modifications and foreclosure abatements programs are counter-productive.