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anything that the administration is doing having any impact when it comes to programs. Programs are available, but lenders are reluctant to participate because of regulations from the government and its agencies.”

Instead, Smith has some ideas of his own. He suggests that the administration should assist borrowers to refinance by repealing much of the Dodd–Frank Wall Street Reform and Consumer Protection Act, a sweeping financial regulatory reform package signed into law by Obama in 2010, which Smith argued “has handcuffed the lending industry.”

“They have tried with modification programs, that have failed because banks had no incentive to participate except the president saying they should write off billions in principal due from borrowers, and then when they did participate in the program, saw tremendous defaults from borrowers anyway,” Smith said.

But Rodell said one of the biggest benefits of this plan is that “it’s going to take the folks who are delinquent and give them motivation. It’s a way for the government to raise revenue without having to do a tax increase.”

Rodell, who doesn’t actually deal with many foreclosures in his business — his clients are mainly move up buyers — said that when he came up with the Rodell Recovery Plan, those he told encouraged him to pursue the idea further, or at least put it out there.

“The were like, ‘Hey Adam, you need to put this thing on YouTube. You need to get this thing out there.’ I’ve carried this concept around with me since 2008,” Rodell said. “I’m not arguing that 10 people couldn’t have come up with this idea on the same day. But I just wish I would have done something.”

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