I’d throw the idea of fairness out the window. It’s an an additional burden and generally doesn’t have any place in economics.
On the other hand, I agree: the prices of the homes should be maintained,
Again, just my opinion.
If we lower the principle amount who gets the equity when it’s sold down the road? As I’ve said before, if the government came to me and said “We’ll lower the principle and lock the rate at an interest you can afford, but when you sell it someday you don’t get the equity” I’d say, “That’s no different from renting.”
There is no solution to this other than biting the bullet and pray.