Looks like a good idea. What we need first and foremost is stability.

To that end last year I forwarded another idea to one of my countries political parties. It involves introducing a sale-and-rent-back right on behalf of the owner of the house. That way, the risk of foreclosure is much reduce.
Of course, the actual plan is a lot more refined, is written for the Dutch market, and has additional bells and whistles to serve the interests of all parties involved equally.