This is such a terrible idea, i can’t believe any sane person would support it.
But ... I heard NPR say wonderful things about this plan ...
I can understand why corrupt, short sighted local pols would pick up this idea - get the assets for free or very cheap, receive monthly payments from homeowners, get to look like you are helping people, write down the debts of your friends at the expense of “Wall Street”.
That you no longer own your home, have to play with dirty pols to stay in your home, that new loans become almost impossible to get and that personal property rights become more tenuous are irrelevant to all involved.