“Rather than the Government entering the mortgage servicing arena, the ideal nationalized housing program (through Government controlled lenders) would allow struggling home owners to pay what they can afford. In return the home owner would give up some (if not all) of the future equity stake in their home when they eventually sell.”
https://dankrell.com/blog/2009/03/03/nationalize-housing/
Yesterday (November 6), Fannie Mae announced the “Deed for Lease Program.” The program is designed for homeowners who are in foreclosure and do not qualify for a mortgage modification. The home owner is supposed to give their home to their lender via a “deed in lieu” (also known as a “friendly foreclosure”) and be allowed to rent back from the lender. Program guidelines and other information can be obtained from Fannie Mae’s news release: http://www.fanniemae.com/