"It's a plan that won't help speculators or that neighbor down the street who bought a house he could never hope to afford but it will help millions of Americans who are struggling with declining home values." VIDEO
TRANSLATION: The essence of this message – "don't listen to that blowhard Rick Santelli over at CNBC." White House officials privately admit some reckless homeowners could benefit from their rescue package. But they want the public to see the housing rescue package as the best of many bad options for keeping property values from tanking further. They know they will lose the fight if the plan is seen as a sop to the undeserving.
Only the suckers pay for their own mortgages. The smart guys get the government to pay.