Here's a Simple, Market-Based Plan to Fight Foreclosures

The Obama administration, facing pressure to do more to help homeowners avoid foreclosure, may be sitting on a solution it doesn’t even know it has.

The White House last year received a proposal for a Web-based mortgage modification system that on paper eliminates many of the problems hampering the government’s ineffectual Home Affordable Modification Program. Part LendingTree and part eBay, the “Mortgage Crisis Solution Program” essentially sets up an online market for troubled mortgages that links the three main parties involved in such loans — borrowers, lenders and investors.