They are hiring a ton of staff for essentially subsidized loan programs. This will NOT:

– Offset large job losses elsewhere in the mortgage industry
– Help profitability in the banking system
– Allow people who cannot afford a 30 year amortizing loan to really afford it
– Make much of a dent, since $1 billion will not go very far (it’s only 5,000 x $200,000 mortgages). Even $10 billion is only 50,000 mortgages
– Affect the general American mentality that “someone else must be to blame”