Wayne's characterization of the bill is correct. This is a pretty well-designed plan, when I read the drafts I was impressed at how well it was thought through. (It may have changed since the drafts I read, I don't know for sure.)

It includes enough limitations and safeguards that it will benefit only a relatively small number of people and those won't be the egregious examples of irresponsible/speculator/hopeless cases that you all get outraged about, and the risk/cost to the federal govt is quite limited.

That said, the number of people it will help is a drop in the overflowing foreclosure bucket.