Contaman, if it wouldnt have happened without the express written support and encouragment of the federal governmnet and the Federal Reserve, then it would be a bailout. If it only happens becuase the gov will take on shitly loan assuming the banks take a hit first, it is still a bail out. The tax payer is still on the hook for all this, even if the loans are less likely to implode. That is what makes it a bailout, you wouldnt be able to do it yourself (read, banks couldnt do it themselves.)
In places like Detroit, where values in many areas are already in the dumps, and the hope is to save neighborhoods, I will begrudgingly deal. Kinda like an extra school bond, I hate it because I understand how much money is waisted, but what are you gonna do? Make kids hurt because we cant rein in our unions?
In SD, SoCal, NorCal, FL, NV, AZ, or other select areas….. Bite me. But a bailout is still a bailout, even if it isnt necessary a bad thing the country over.