Consumers have been victimized many times over in this economic crisis. Many homeowners purchased their homes during the peak of housing crisis (me included) and many of them got exotic option ARM loans (me not included). Now they want to modify their loans because their house values have decreased considerably (me included!).

Alas, Obama's Making Home Affordable program hasn't been trickling down properly.

So far, out of 4 million homeowners who need some sort of mortgage assistance, only 400,000 have been helped, which is a mere 10 percent. Two mortgage giants Wells Fargo merely reduced payments for only 6 percent of its eligible home loans and Bank of America modified just 4 percent. And they didn’t seem to modify loans outside Obama’s Making Home Affordable program. MAC and JPMorgan Chase are better with 20 percent modification rates.

Why?

1. Underwriting guidelines come with a lot of loop holes and banks can use them to their advantage instead of helping consumers.
2. There is no law in place for consumer right to receive loan protection during a force majeure period (like today's economic crisis).
3.  There is no law in place for banks to modify their consumers' loans.

Time to take matters into our own hands and start a campaign on these issues.