I actually like this plan. Right now the banks are practically innundated with foreclosed properties. These houses often become blighted and are bringing down the property values of entire neighborhoods. Unlike what a lot of super-hardcore right-wingers would like everyone to believe, a lot of people who've fallen behind on their mortgage have done so due to the general downturn in the economy. I'm quite sure that there are plenty of people on this very board that have mortgages they would struggle with should they lose their jobs.
There are two types of "victims" here:
1 - The responsible borrower who has fallen prey to our domino-effect economy.
2 - The irresponsible borrower who originally borrowed way more than they could afford.
Now, considering that the government has been, in my opinion, instrumental in prolonging and worsening this recession, the 1st type of victim finds themselves in an artificially deep hole. By the government assisting this person in staying in their residence but NOT OWNING IT, that will help property values stabilize as well as provide the banks REAL "Troubled Asset Relief".
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