Personally speaking I am conflicted on this issue.  Being a Realtor for 25 years I am obviously concerned about the housing market.  I know many people who continue to make their payments and were conservative on their home purchases. On the other hand I know many people who are facing some financial difficulties. These are regular folks whose livelihood directly or indirectly is dependent upon the housing market. This would include people who manufacture and sell household products, dentists & insurance agents whose clients can no longer pay because they are tied to the housing industry and aviation companies whose business is down dramatically as result of these issues. 

This embedded video is good explanation of why some sort of relief is a good thing for the economy in general. What do you think?

Here is the other side of the debate.