I agree.  The programs got off to a slow start and the government made the initial mistake of overestimating the number of people who would be helped by HAMP.  But even though the programs have not helped nearly as many people as projected, the programs have helped a significant number of people, and have kept a significant number of homes from going into foreclosure.  And the cost of the program is proportional to the number of modifications.

The cost of the program has been about $13,000 per modification according to the Congressional Budget Office, which sounds like a decent value, considering what foreclosures cost homeowners, banks, and neighborhoods.  The program expires on its own at the end of 2012, and hopefully the economy and the housing market will be stronger then than now, and the program can be allowed to expire.  If needed however, I would favor extending the program.