Yes, homeowners with equity remaining after the crash will get a bailout. But with a crash of 30% or so coming, that’s going to be a pretty select group – and the OP isn’t going to be in it. Rescuing the financial systems will have some beneficial second-order effects but I don’t really feel comfortable calling that a “bailout”. Almost everybody will benefit from that – fewer jobs lost, fewer commercial bankruptcies, etc. My point is that almost every dollar spend on this bailout will end up in the hands of the investment banks and ABS holders, so it should be viewed as a bailout of them. Calling it a bailout of homeowners is just some lipstick on the pig to make a bailout of Citibank and assorted hedge funds more palatable to the general public.