The "Banks" probably don't stand to lose much money. Pension funds and private investors stand to lose money. Also as tax payers we would all pay assuming that

The "Banks" probably don't stand to lose much money. Pension funds and private investors stand to lose money. Also as tax payers we would all pay assuming that at least some percentage of loans are held by Fannie and Freddie. It is a wealth transfer to homeowners and a select group of players from everyone else. And if Richmond can make it work then other municipalities will undoubtedly follow suit. And if it works for mortgages why not other assets?