Some while back, greed raised its ugly head, and the appraisals sky-rocketed, and lender money was available to every warm body, and the real estate market went way out of realstic proportion.  Today, reality has set in, as salaries and flippings could not keep up with the frenzy.  Foreclosures, auctions, bankruptcies, bank failures, and destitute 'buyers' or overpriced homes are in the bread lines...

There is some that can be done, but greed, again, prevents that something from happening...

Those who are trying to pay their mortgages, and see interst rate coming down, down, down..., would like to refinance and possibly be able to keep their homes and make their mortgage payments.

The problem is that in order to refinance at a lower interest rate, the mortagee must pay doc stamp taxes, etc., to the state governments.

This make refinancing unaffordable, and results in mortgage payment defaults. 

It's all about greed, isn't it....