Good question, F. Lee.  The article I read this morning on Forbes.com says that the President's plan calls for changing the FHA rules to allow "risky borrowers" to qualilfy for FHA loan guarantees even if they have become delinquent, as long as their credit is "relatively sound".  While the President is quick to assert that this isn't a "bailout", this plan essentially transfers risk from the private sector to the American taxpayer.

Put lipstick on a pig and it's still a pig.