(RECAP: Larry Summers pushed back against criticism the Obama administration erred in not pushing a massive mortgage-debt reduction program during the early years of the administration, when he headed the White House’s National Economic Council. The Obama administration’s mortgage-relief programs focused for the most part on reducing borrowers’ monthly payments so they could avoid foreclosure, not on reducing overall debt burdens so borrowers would feel freer to spend. (A companion effort to encourage borrowers with little or no equity to refinance ultimately did generate 3 million refinancings.)