I bought my house at 23 myself, admiittedly with a 7 year fixed (Rate will not adjust until 2011 but I plan on selling next year) at 5.5%, I KNEW that it was my responsibility to pay that mortgage should I keep it until the rate adjusts

This plan only caters to the irresponsible, people with good credit would simply refinance their mortgage but obviously you cannot do that with bad credit. I'm suprised Bush has jumped on board with this but with the political pressure of the election coming up he doesn't want to make it any harder for the republican party.

I would go all into it but in a nutshell this goes against everything that makes this economy grow. The market explodes and when it grows too fast it corrects itself. This stands true in ANY market here in the U.S, the correction is a vital step to keep things on track and when the government steps in and manipulates that process it hinders more than it helps.