How about allowing delinquents to stay in their homes and pay rent, 20% of which goes toward principal?
OR extend 30 yr. mortgage to 40 yr. These two options could detoxify the loans and allow the financial world to get on with it.
And btw as long as we're in a bailout mode why not have the government buy out bankruptcy level medical bills?
Did I mention a buy out of my beta tapes library?