One of the problem issues for housing sectors, banks and homebuilders I wrote about regularly during the first several years after the Lehman-crisis era was the accumulation of nonperforming first trust residential mortgages being carried by the money centers, Bank of America , Wells Fargo , JPMorgan Chase and Citigroup . The point of that column was that the government loan modification programs are being terminated at the end of this year, along with the excuses the banks have had for not sending nonperforming mortgages through the resolution and recovery process by way of foreclosure, short sales or by accepting the deed-in-lieu of foreclosure.
