We may be forced to save housing speculators

As the furor over Rick Santelli's famous rant dies down, it is becoming clearer that the "Chicago Tea Party," if it actually happens, probably won't be the revolutionary event that some anticipated. Even so, President Obama's housing stabilization plan is still leaving more than a few taxpayers feeling angry and ill-used.

At its heart, the Obama plan is designed to help between seven and nine million homeowners stay in their homes. In its two-stage program, it offers low-cost refinancing to "responsible" homeowners who are hurt by falling housing prices, as well as reduced mortgage payments for three to four million "at risk" homeowners. Further, Congress is currently considering legislation that would allow judges to reduce mortgage payments for borrowers filing for bankruptcy.


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