Banks are happy to take their profits when the economy is going well, but they don't seem to want to take their lumps when it isn't. The only real solution I see to the home value crisis is the banks rewriting the mortgages to some version of fair market value. But they won't do it. No incentive.
How about this crazy idea: what if all you mortgage payers out there take just one month off from your loan payments all at the same time? And hey, do it on your credit cards too. They're killing you with the raised rates anyway.
If everyone took a one month payment holiday at the same time, I suspect it would bring the financial system to its knees pretty quickly. How's that for incentive?
I'm thinking January 2010 just when the bills come in for the Christmas shopping.