Wonk: Have you noticed an impact from Maryland's new foreclosure law?

Robinson: The new law has solved several major issues which existed before. We rarely ever hear from homeowners who were not aware or did not receive notice of the foreclosure sale. Since they are getting notice, not previously required under the old system, they are taking the initiative to contact their lenders and trying to work out a modification.

W: Has anything changed in the way lenders are dealing with foreclosure, now that we're several years into the housing slump?

R: The lenders are changing so fast, this is difficult. A few years ago the lending industry claimed over and over there was no problem. Now everybody knows there was, is, and will be a problem for many more years. The loans in the pipeline that will be exploding for the next couple of years are the payment-option arms given to folks with the best credit. These loans will be adjusting and coming due to levels far above the market price of the home.

W: What do you think are the main causes of the foreclosure problem?

R: If you look at the super majority of loans in foreclosure, ... they come from one and/or two sources: (1) mortgage lenders/originators who are now out of business and funded loans to people on false expectations that the person could afford the loan in the short- or long-term; (2) loan products and systems which were more like Ponzi schemes than bona fide investments and financial tools.