Please don’t misunderstand my position: unwinding these assets is absolutely necessary if the housing market is to ever recover, My family has a direct stake in that recovery. But it can’t come at the expense of another de facto bailout of the banks for their criminally stupid decisions. We just can’t go down that road.
I agree with that completely. But this isn’t a bank bailout - it’s an attempt to help prevent a bailout that would make TARP look like pocket change.