Loan Redoes Get Tangled in Thicket of Red Tape

"Getting a mortgage modified can take months, slowed by thin staffing and mountains of paperwork. With so many loans bundled and sold to investors, it's sometimes hard to figure out who even owns them. The new federal program requires borrowers to meet slightly different requirements than bank programs do, meaning banks need to navigate two procedures.
...[For one borrower] The interest rate on her $412,000 mortgage rose to 9.943%, and by last year, she couldn't afford her $4,735 monthly payment. It took her 10 months of working with Chase to get a lower rate. She was recently approved for a trial modification program that will cut her payments by nearly 40% to $2,937. "This has been the most grueling 10 months of my life," she says." Wall Street Journal , 6/17/09
A page one story. As if this travesty is news.
Is there anyone who seriously thinks that 10 months is acceptable? The borrower hasn't changed. The property hasn't changed. The bank hasn't changed. How long can it take to write a note to the borrower? "Dear Borrower, Your new monthly payment is $2,937. Have a nice day." How long did that take? 20 seconds. Banks can't find enough people to work. No wonder--they take 10 months and billions of TARP money to do 20 seconds worth of work.
And don't forget. This is only a "trial." Perhaps Chase should be on trial? They are trying.