The Boston Globe - Should the Federal Government assist mortgage defaulters?

"The president should help or get out of the way."

From Boston Globe (editorial):

Last week, the US House passed a bill that would allow the Federal Housing Administration to guarantee $300 billion in refinanced mortgages for so-called "underwater" borrowers whose mortgages exceed the current value of their home. The Senate is expected to mark up a similar bill in the Banking Committee on Thursday. But Bush is threatening to veto the effort, as well as a bill to provide $15 billion to local governments to purchase, renovate, and resell foreclosed homes in blighted neighborhoods. He rejects the bills as little more than taxpayer funded bailouts.

and in conclusion...

There is no bailout or windfall here. Congress is merely offering a fighting chance for families and credit markets to recover. The president should help or get out of the way.