Although they are plowing money into the system, this money won't help with the wave of foreclosures that are spreading across America. This paragraph from the article explains why:
But analysts said the program would do little to reduce the tidal wave of foreclosures. That is because most of the foreclosures are on subprime mortgages and other high-risk loans that were not bought or guaranteed by government-sponsored finance companies like Fannie Mae
What's interesting is the fact that while there was a lot of debate and public anguish over the 700 billion dollars in bailout funds approved by Congress, the amount of loans, according to the Times, is 1.7 trillion. So under what authority is this money being lent out? If the authority was already there, why did the Congress have to act? Under what terms and conditions is this money being lent out? Who is receiving it and how much are they receiving?
It would seem that those questions would interest someone in the media, let alone Congress, yet people don't seem to be asking them. Maybe everyone just assumes that the same geniuses who got us into this mess will get us out. If so, their faith may be sadly misplaced.