This is spot on and exactly what I think, but no, we will bail out the mortgage company's so they can give a bunch more loans to people who can't afford them and we will be right back in this mess again.
They would be better off doing nothing and letting it all flush out, 
In my opinion bailing out the mortgage company's is the worst of 3 options.
- Best option help the people and there foreclosures'
- 2nd best option do nothing and let it all flush out. Most of those people knew they were getting in over there heads and deserve what they get.
- 3rd and the worst option: bailout the mortgage company's who knew exactly what they were doing but didn't care cause all they saw was the short term gains in stocks and bonus in there wallet.