This idea for helping the mortgage crisis isn't new, but is worth revisiting, according to one of my favorite financial sources.

He suggests splitting mortgages into two pieces. The senior piece would be secured by a first mortgage that a borrower can easily meet. The other piece would be a junior mortgage (also called a silent second) that carries no interest or payment schedule.

The second would be structured in such a way that the borrower and the holder of the junior note would split the proceeds when the property is sold or refinanced.

The junior piece could be offered to investors at a discount, and homeowners would have a new loan with payments they can afford and a reinvigorated motivation to stay in the house. The senior portion also would be an attractive investment that could be sold at no discount.

It sounds so simple.