The housing white paper also steered clear of other thorny issues for investors such as principal reduction and mass refinancing. It did hint at the idea of "shared appreciation", an idea that has long been proposed as a way of resolving moral hazard associated with loan modifications. Investors have argued against mass refinancing and loan modification programs because they believe it will encourage borrowers to strategically default in order to qualify for a concession. But under the shared appreciation model, borrowers will have to share the upside with the lender or investor when home values rise. The concept might now hold some promise. "Home prices are appreciating. Shared appreciation was not compelling before but it is an option that is now much more possible," said Kolko. Analysts have said that there is no single fix for housing nor is there one in which someone does not lose. But it does look like investors have more to gain from the policy ideas being floated around than middle class Americans. -- Written by Shanthi Bharatwaj in New York. >To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk.