Modesto Proposal

The powers that be have been bandying about a number of ideas for the dealing with the mortgage part of the credit crunch. Proposals have been floated to let ARMs run for a full 30 years at their teaser rate. This is mildly vexing for those of us who calculated how much house we could buy and how much risk we could assume in purchasing our homes, and therefore opted for the "safe" 30-year fixed route. One way or another, we will share the bill for this excess with those who failed to exercise restraint.

But there's a great way we could address this. Why not structure a deal to let all of those who borrowed and/or bought more than they could afford use their excess space (defined as the space they borrowed for but couldn't afford) more effectively? Let those with mortgages to be modified house the homeless, the Katrina victims, the Hispanic and other legal and illegal immigrants currently jammed quietly into small living spaces for the privilege of making our super size me services sector affordable through grey economy labor? What else are the McMansions (and other more modest stretches) of recent vintage for if not for housing people?

(La gente, unida, nunca sera vencida)