Help for mortgages, would a sliding scale mortgage elimination work?

Just wondering out loud.

The more your house is worth, the less percentage help you would get.

Basically the govt could literally wipe out say 40 percent of the mortgage (absorbing the debt somehow) for homes worth say 90k and less and as the value goes up, the percentage goes down say until it hits 500k or 1million or whatever and then drops to zero.

To me it would be instant help that a lot of people really could use. Their mortgage payments would go from say 900 dollars a month to 500 and so on. And maybe put in a clause that the borrower could not take out a second mortgage/line of credit for at least 5 years after the help is given and so on.

I just am sick of help given to the big fish and would love to see a way of helping the small fish for once.

I don't know if it would be possible to force the banks to help the customers?

Please don't take any offense:

1) You are not indexing for the cost of homes in certain locales. In certain places, like Los Angeles, many people would receive no help, while almost every home in Iowa would qualify

2) The expense would be stupendous. If there are 10MM homes with an average of 30k in benefit, the program would cost $300B

3) Many people have paid off their home... they would be pissed

4) The problem is that a vast majority of underwater homeowners are able to still fulfill their mortgage obligation. The government have to pay the cost to help these people, but would have no benefit.