The proposed "cure" is just another roll of the dice for the homeowner. I still think my idea of converting these bad loans (of any stripe) to a 6% APR loan amortised over whatever length of time necessary to make them affordable....even if that time is 100 years....is better and a lot more simple.
C'mon Mike. Simple makes sense! We can't have have any of that right now! The media wouldn't have anything to do, the politicians would actually have to dreg up responses to other pressing matters and the general public would have time to investigate who to vote for.