There has been some disappointment with the pace of mortgage modifications by the banking industry. But you can't really blame the banks. TheStreet.com notes that of the 5.6 million borrowers who are 60 or more days late on their mortgage payments, 3.9 million of them aren't eligible for the Home Affordable Modification Program (HAMP). The main reason is inadequate income. Others have mortgages serviced by ineligible companies, some have jumbo loans and the list of reasons goes on. 

Banks are moving to make more offers via the program, but the sad fact is that only about half of those who make it through a trial modification will end up with a permanent one. To their credit, some banks have gone beyond the HAMP program. Wells Fargo (WFC Wells Fargo news) has assisted 350,000 through non-HAMP workout programs; that's more twice its HAMP trial modifications since the start of 2009. Bank of America (BAC Bank of America news) has likewise moved to modify more mortgages through non-HAMP measures. 

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