Originally Posted by JonL

There might be other alternatives. Some thoughts come to mind... Give them a few months with no payments, payments tacked on the back end with appropriate interest and penalties. Give them a few months with reduced payments, same deal... stick the difference on the back end. Renegotiate the loan with a 50 year term instead of 30 or whatever to reduce the payments. I'm sure there are many other ways.

I'll make some simple statements of my own now:
People living in homes are better for all of us than having more homeless people.
Foreclosed and vacant homes are bad for the economy, bad for neighborhoods, bad for neighbors, bad for the banks.
Things are not likely to improve quickly. Keeping families in their homes during this economic turmoil adds stability that is sorely needed.