Ger O’Toole, a property business professional, has come up with an Equity Option Incentive Plan as one solution to the mortgage debt problems that many households are facing. As the name implies, the basic idea is to give the banks equity in exchange for reducing the amount of money that is directly paid back to them. The site is also running a survey of mortgage holders - although there will be a self-selection bias in the sample - and invites comments.
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