I've been wondering if the systemic portion of this risk mightn't be helped by allowing judges the power, during bankruptcy proceedings, to magic a small percentage of the balance owed into existence for the lender if the lender also forgives some (larger portion) of the balance provided that the loan is determined to have been a real loan made in good faith. This could help inject liquidity precisely when and where it's needed, while the requirement of someone undergoing bankruptcy, forgiveness of some of the debt, and judicial discretion would help check abuses.