This option will achieve many goals: (1) keep people in their homes (2) put more money in peoples' pockets immediately (3) help stabilize real estate by reducing foreclosures (4) reach the widest # of homeowners (5) avoid large write offs by banks
By increasing the amortization period on existing mortgages, homeowners will immediately lower their monthly payments, and banks will not loose principal.
Resetting the interest rate to current rates will also put more money in peoples' pockets.
By allowing modifications instead of refinancing the catch 22 of appraisal and credit worthiness will be avoided.
By allowing all mortgages to participate in the program, the program will reach a much wider audience than any current programs.
A flat low fee will make it affordable.