It seems like everyone involved - homeowners, banks, corporate executives, the government - has an incentive to drag this out, so that this quarter's results won't be as bad as they otherwise would be. (Or in homeowners' case, so they don't end up on the street.) Why take some pain now when the rewards will likely go to your successor?
If I poke you once each day it would probably be annoying, but you would keep on going on with what you were doing. But if I shot you with a .18 derringer, it could get serious.
