The people who over-extended themselves on their mortgage as well as 2nd + 3rd mortgages, certainly share the blame for the housing mess, but I think we need to set our sites on the future. If they fail, we fail. Sound familiar?

It makes sense to stem the tide of foreclosures. Instead of just letting banks choke on their "toxic assets", we can help the troubled stay in their home. In restructuring mortgages, the home owner will stay in their house and continue making payments. The bank won't have to foreclose and let the house rot on it's lot, and on their books- not producing income.

The strength of this plan is the fact the government isn't purchasing the assets. We're just facilitating a steady and acceptable cash flow for the banks. In a way it is a bailout but far cheaper than the alternative. And if banks are failing less, then the insolvency date of the FDIC will be pushed out.

4 million mortgages saved Obama's plan

Cut foreclosures 20% Through bankruptcy court