Since Obama has established the logical proposition that those who take federal money (e.g. CEO grandees of troubled banks) should have government impose salary caps on them, why not do the same for those home-owners that are about to be bailed out?
That way we can satisfy everyone involved. If you want the government to come in to rescue your mortgage, either by subsidized lower interest or reduced debt or both, then any future profits (not entirely impossible) you make at the time of any future sale must be divided 50/50 with the government. Universities often do something like this for faculty who buy homes on university-leased land. It seems a way to placate criticism that 92% are bailing out the less responsible 8%, while also providing a consistent warning to any, big or small, who wish government to bail them out.