Rating the government’s impact on housing

As the Fed’s involvement in the mortgage-backed security market heads toward its expiration date, many in the industry are wondering whether the government’s involvement in the housing market has had a long-term impact. While certain programs’ impact remains to be seen, Shari Olefson, a partner with the law firm Fowler White Boggs, had no qualms about weighing in on one initiative. She told CNBC that the Obama administration’s mortgage modification program “was a big, fat failure.”