Originally Posted by Da Nag

To the "let them sleep in the bed they made" crowd...your tune would change quickly, were you paying your mortgage, but living in one of the many neighborhoods where foreclosures have resulted in 30-40% of the homes being neglected and abandoned. You would be fighting for any plan that kept your "irresponsible neighbors" in their homes.

Blight and crime are the immediate result of mass foreclosures, and the ball gets rolling very quickly...recovering from such a situation may never occur. Much as a bailout from whatever source might seem unfair, the alternative is far more costly, and has serious negative impacts on the remaining responsible homeowners in the community.