Start with the proposal made by Martin Feldstein, who recommends a trade: the government should reduce the value of mortgages when they are sufficiently underwater, with the government and the banks splitting the losses; in exchange, the borrower must agree that the new loan becomes “full recourse.” That means that lenders could pursue borrowers’ other assets – not just the house – in case of default.
让我们从马丁·菲尔德斯坦（Martin Feldstein）的方案开始。他建议做一笔买卖：政府减记深度资不抵债抵押贷款的价值，损失由政府和银行分担；作为交换，借款人必须同意新贷款具有“完全追索权”。这意味着贷款人可以在借款人违约时收走后者的其他资产，而不仅仅是房子。