Solution to the mortgage crisis? Abolish all debt. Hit the big reset button. Solon did it thousands of years ago and it ended slavery in ancient Greece.
Is it fair? No. Is it a solution? Yes.
Are you after a solution or are you after trying to judge people on whether or not they deserve to be where they are? That's the big problem.
Trying to find a fair solution is very hard, and somewhere, someone will always feel hard done by.
My solution would be to fine the irresponsible bankers; take everything they own. Trickle-down failed, try something new. If you truly believe in a capitalist free market, let it crash and crash hard. Consequences are consequences; let them happen. Fiddle while Rome burns and get ready for the rebuild.
Ok, maybe not.
The problem was people bought houses and not homes. Screw the value, get somewhere to live, not an investment.