I don't know about you, but I think all this stuff about the government helping people save their homes by providing government financial assistance is a bunch of crap. The bottom line is that it really is a form of welfare to the mortgage industry -- banks, financial institutions, speculators, and the like.
Think of it. Who really benefits from the government intervention? I say let the mortgage industry eat it all up! Let that industry lower its rates or let them get stuck with all the homes they want to forclose upon but cannot sell. Do you really think the mortgage industry really wants all those homes? I think not. If the government does not intervene, the mortgage industry will have to negotiate new rates with homeowners or the mortgage industry itself will go bancrupt.
Read this just for enlightenment.