Sorry, I'd love to blame the Republicans on this one, but I'm with Steve -- it was a horrible idea from the git go. More should have had the courage to vote no. That would have said something to me.

I used to do mortgages. At that time, the creative financing was just beginning. I had clients ask for these loans, especially the 5/25 (low rate for 5 years, then a huge balloon or refi). I tried to show them why they were a bad idea in black and white -- especially for those who barely qualified. Some listened and went for the conventional, some didn't and went to other brokers. It was harder to find a conventional lender that would take some of my clients on, but I usually did find them one at a good rate -- one they could afford for the next 30 years. I know of at least 3 people who opted for the 5/25 who ended up losing their homes because they couldn't qualify for the refi in the past two years.

I hated the 5% downs (which later became 2% and then zero down). I knew these people were looking at losing their home in the future but it was the only way they would ever be able to even own a home for a few years. Even so, it was wrong and, again, I blame the lenders' greed. It was and is my theory that the goal of Countrywide, et al. was to have these borrowers lose their homes and then sell them at a nice profit (with the new loans going to them, of course). They just didn't expect the home market to take a tank with their ugly little loans.

To have a bail out without any plan behind it makes no sense. Sorry, but the greed of the board of directors and stockholders got these companies in these messes. Yes, we need to stop the bleeding but the companies that have hemorrhaged themselves into oblivion should either be bought by other companies or go under -- not be propped up by the U.S. Government.

Let's just pray this doesn't become a world-wide depression like the one of '20's-30's.