I haven't read up much on Obama's plan, but two things jump out:
b) The technical term for living within your means in a house that you could afford is “sucker”. The bailout money is headed for the improvident, the house flippers, and folks who are going to default regardless of how you restructure their payments.
The American middle class gets screwed over again, with more billions in debt that either we or our children are going to have to pay. Obama and the Democrats are taking your money and bailing out the house flippers. On top of the new trillion or so in “stimulus”.
But Wait! I might get $13 a week or so back on my taxes!