Sam Smith - Since 2008 I have argued without success for what I call a shared equity program in which federal, state or local government would take over a share of endangered mortgages in return for equity interest in the houses. Not only would this be a practical solution, but it might even make the governments some money should the houses rise in value down the lane.
But I haven't given up and so now offer an alternative plan: a government financed reverse mortgage program. As the government helped out, and in a fairer way than commercial lenders, it would incrementally gain equity in the properties. Any money coming to the owner would be applied to their loan.
Just another idea for the day . .
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