It is shamefull how little understanding of the financial crisis still permeates the media. The program is pointless, as the main reason for the failure of real estate mortgage has been the deliberate design to harm it. Banks have gambled on high risk instruments that have nothing whatsoever to do with the mortgages. This eventually led to the crisis of confidence, and to the mothballing many such papers with questionable value. The bailout allowed the banks to have liquidity, so that the piles of worhless paper in their vaults does not have to be put on the market and crash the market. But the liquidity being thus limited, created the necessity to withdraw lending in many areas. Housing market is the most sensitive of all to politicians. Banks judged right that targeting the mortgage market they would get politicians to open the purse. Bailouts actually paid up our mortgages, so it is of no concern to banks to foreclose. In fact, it is prefereable to giving homeowners any deals. First, they already got their money. Second, they will sell the property for whatever the market will bear, and third, they will load the same property with a brand new mortgage. The bailout money covers any delta. Money is being scarce to municipalities, and the results are fired teachers, lousy roads and bridges, and overall decay of neighborhoods. The low cost of money banks have is perfect tool for making a lots of money by lending it back to the fed bonds. The earnings are spectacular. Fed can continue financing government deficit, while banks try to clean their balance sheets and pay obscene bonuses to divert our attention. The problem is, the bond bubble is nearing, and banks balance sheets are still not good. It may be usefull to ask them how much more worhless paper are they hiding. We may all be in for a rude surprise. In the case of banks and mortgages the question of the chicken and eggs is easily answered.