The world is swimming in ideas on how to ease the pain of the housing bust. The Senate is considering a $15 billion relief package that would fund purchases of foreclosed properties and help borrowers refinance troubled mortgages. Consumer advocates want to allow judges to reduce residential mortgage debts, a measure congressional Republicans have opposed.

But while those ideas get tossed about in Washington, Mark Gimein offers up an idea at slate.com that lets consumers take immediate action to ease the glut of unwanted houses: You can buy a foreclosed property direct from Countrywide (CFC).

Buying from Angelo Mozilo’s crew may not be your first choice. You may think Countrywide has gotten enough help already, what with its massive executive payouts and its agreement to sell itself of Bank of America (BAC). You may have noted with some alarm that the Justice Department is now probing the company’s lending practices.

Indeed, you may wonder about the possible conflicts of interest involved in a purchase from Countrywide’s real estate portfolio. Gimein notes that the company demands that forclosed-house buyers who don’t pay in cash must prequalify for a mortgage with a Countrywide loan office just to make a bid, whether or not they take the loan.

But, Gimein points out, taking a loan from Countrywide means getting a free appraisal, too - which makes for a very attractive proposition, at least for the company. “Take that offer and that means you’ll be buying a house from Countrywide, financed by Countrywide, on the basis of an appraisal from Countrywide,” he writes. “You can file that under Department of Foxes and Henhouses.”

Washington Mutual’s (WM) board is giving the thrift’s top execs a pass on the housing bust. The Seattle-based lender said in a regulatory filing that it would calculate 2008 bonuses considering factors such as operating profit and noninterest expense - but without taking into effect housing-related loan losses and expenses tied to real estate foreclosures. Those seem like odd omissions for a company involved in home lending, but WaMu said in a Securities and Exchange Commission filing that it came up with the formula in response to “the challenging business environment and the need to evaluate performance across a wide range of factors.”

It has indeed been a challenging time for WaMu, which has seen its shares lose 70% of their value over the past year as house prices have fallen, exposing the company to rising mortgage defaults. WaMu lost $1.87 billion in the fourth quarter, including a $1.53 billion addition to the company’s reserves for future loan losses. CEO Kerry Killinger turned down his 2007 bonus after the company’s poor performance last year, even though WaMu’s formulas showed he was due $1.2 million.

None of this seems to have sunk in with the WaMu board, which would have Killinger earning a 2008 bonus equal to 365% of his base salary should the company hit board-set targets. His target 2008 bonus could reach $3.65 million, based on his 2006 salary of $1 million - even if WaMu’s mortgage-related loan losses continue to soar.  “Bonuses should be given to the executives who enhance shareholder value, not destroy it,” one investor tells The Wall Street Journal. Apparently the WaMu board doesn’t agree.