The New York Times Explains Proposed Govt Housing Help

There's an excellent article on the front page of today's New York Times about proposed government help for homeowners. I'm not sure if the eblogger link is working, so here it is again here. There's also another article titled "A Plan to Prevent Foreclosures" which explains how it might work. Here's something from the main article which should make everybody happy:

"Advocates say that the program would help owners keep only the home they live in, not vacation or investment property, and no taxpayer money would be used to pay down mortgages."

My reading is that the plan would force lenders to take huge write-downs on existing loans. Since the lenders got us into this with free money, I think it's fair that the lenders get us out of this, too.