The only way to clean up the housing mess!

There is only one way to solve the current mess...with 4,000,000 homes currently on the market, as opposed to 2,000,000 last year, and another 2,000,000 Alt A and Option mortgages getting ready to reset this year....the lenders are performing "work outs" with their customers. These work outs currently will only delay the inevitable. It doesn't do anyone any good by taking the loan balance difference and tacking it on to the end of the loan. We will continue to see people unable to afford their home and more foreclosures will result. I honestly think the only way out is to take the property in trouble, reset the value to the current value and work out the mortgage based on that new value. The mortgage companies have already made money on the first years of the loan where most of the payment, or all of it has been interest. The banks are only loosing future money if they reset the value. But, they are saving future money by avoiding the next wave of foreclosures. Just a thought.....your comments are welcome!