Obama has basically proposed on housing that the biggest losers, the people who are behind on their upside down mortgages, put the least money down, have low income, and are likely to default or already in foreclosure, get to have their mortgages renegotiated and the taxpayers foot half the bill (the whole bill, of course, when you count the TARP). He’s just delaying the inevitable. It’s cowardice of the most extreme kind, which presumes to “stabilize” housing and avoid the massive wealth crisis of our lopsided economy. Obama and all of America needs to learn that broke people don’t belong in homes that cost 10X their annual income, which they lied about years ago when they got in the McMansions they were chiefly interested in flipping. With the TARP, the Stimulus, and the proposed housing law, it’s all the same theme: money sucked out of the productive economy and given to losers, whether on Wall Street, Main Street, or foreign-occupied East LA.