However, skeptics say it may not be the provisions themselves that impede housing market recovery, but the bureaucratic process of participating in the program. Thousands of homeowners who enrolled in government programs, such as the Home Affordable Modification Program, provided similar complaints about their inability to find a single individual who could consistently help them throughout the process. Critics fear that the same scenario may repeat itself with the mortgage settlement deal, leaving thousands of hopeful homeowners to their own devices when it comes to understanding and navigating the complicated application process, according to the New York Times.

Skeptics also fear that homeowners who are frequently passed from person to person and given different answers to the same question may either give up on the program or spend more time than necessary completing the process.

U.S. Department of Housing and Urban Development secretary Shaun Donovan addressed these concerns in a press conference when he announced the program in early February.

"Devoting thousands of hours to reviewing servicing files for thousands of FHA-insured loans, the scope of this review encompassed a long list of mortgage servicing issues, such as lost paperwork, long delays and missed deadlines for loan modifications," Donovan remarked.

However, he assured homeowners that this program would be different and more provisions would be put in place to ensure participants can navigate the process quickly and easily.

"No more lost paperwork. No more excuses. No more runaround," Donovan asserted.

Despite the assurances, industry experts are hard-pressed to place too much stock in the program's success. Housing attorney Lisa Sitkin told the Times that too many mistakes have been made in the past to spark a high level of confidence in the initative.

"There's a lot I've seen over the past few years that makes me very wary," Sitkin told the Times. "Things fall through the cracks all the time. Our view is that the banks are still not doing what needs to be done."

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