Excellent paper! Thanks for bringing to our attention. For those practitioners who have helped borrowers through HAMP, here are some notable conclusions of this paper that directly support our experience: ====> Securitization reduces the likelihood of renegotiation and increases the likelihood of foreclosure. ====> Securitization results in lower renegotiation rates and—under the assumption that bank-held loans are being renegotiated efficiently—less efficient renegotiation outcomes." ====> Redefault rates are higher when borrowers have lower credit quality and mortgages are less affordable. This is consistent with the driving idea behind the Home Affordable Modifications Program (HAMP) that provides incentives for servicers and lenders to increase mortgage affordability as much as possible. Hope CLP blog will continue to highlight such data-driven research to better inform legal practitioners and policy makers.