Jeffrey Ely has an idea:
...there is no reason to bail out homeowners. Just intervene in any mortgage default. Seize the property and continue making the mortgage payments. In the short run rent the property back to the homeowner.
Megan perks up.
This article available online at:
http://www.theatlantic.com/daily-dish/archive/2008/09/a-better-bailout/211216/
