If a person has been steadily employed and paying income taxes their entire life, they should not lose their home following the circus of the last 8-9 years when gas prices quad-rupled, among other things.  I have a better solution:  Forgive all home mortgages.  A person with multiple homes would write-down their primary residence only.  One could not borrow against the home used in this exemption.  Investment properties are not affected.

There may be major pitfalls to be mindful of, but this does not by it’s nature socialize the people or the banks.  Instead, the interest is eliminated from the debt, and the debt is converted to public equity with no payments due to the treasury.

Bond investors related to the mortgage market would receive a tax-loss certificate with special provisions relating to the collapsed industry.

Every person would own their home free and clear, and henceforth could move forth buying, selling, or trading their homes for its genuine value.