Here is my solution for the institutions that failed/are in trouble due to bad mortgage debt: The government buys these guys out and takes title to all the properties that they're holding a mortgage on. The people living in these homes/etc then have 3 options. 1. Pay your loan current, make all remaining payments according to the loan documents, refinance, do what ever it takes to get out of default. 2. Pack up and get out, save the hassle and expense of the eviction process. 3. Sign a quit claim deed to the government. The government then forgives whatever is owed on the mortgage and the occupants then receive a 1yr lease with rent at fair market value on the property and get to stay in the home. The government then is required to immediately place the property for sale to anyone who qualifies for a loan/has cash to pay for it. The 1yr lease remains in effect and can only be broken by material non-compliance on either side. IE renter not paying rent or landlord not maintaining the property. IE roof, mechanicals, etc.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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