I see it as politics as usual
While I hate that so many people are losing their homes, I'm not sure it's the governments responsibility to bail out stupidity. I did see on the news tonight that the states most affected by foreclosures are the states with the most electoral votes. The newscaster was equating that with a possible reason for the bailout.
I took a fixed-rate mortgage. No way in hell was I going to gamble on an ARM! I saw that then as a gold-paved avenue to foreclosure! It defies belief that so many people were so foolish and that so many lenders were so stupid!