Almost always the answer is no. There are ways the bank can recoup some of what it is losing in foreclosure, by gouging on closing fees on an ensuing short sale. However, the only way that a bank benefits from a foreclosure is if the property in question is in a positive equity situation. Back in 2006, homes were almost universally in a positive equity situation.  If someone were to get behind on their payments and inch towards foreclosure, they could most likely sell their home and walk away with some cash in their pockets, prior to the bank repossessing it. 

In the rare instance that a home is not able to be sold and is in a positive equity position, the bank is entitled to the left-over money. For this reason we see foreclosures moving at a much faster pace in a hot real estate market. In a down market, the bank simply wants you to make payments, thus the reason they are willing to modify your loan.