The great thing...in my simpleminded opinion...is that home prices will be low enough next spring and summer that the hard "45% max DTI" ratio won't be too much of a problem...that is, as long as you are not part of the 9% unemployment figure.  The reason that the "price" unwind is going to continue has to do with simpe supply and demand.  More supply via REO's, and builders that keep on building, and an ever shrinking demand pool at every single pricepoint via jumbo loan unavailability; MI coverage increases; tightened UWing guidelines via Agency restrictions, MI restrictions, and investor overlay restrictions; unemployment and wage deflation; LTV restrictions; yada yada yada. 

All the more justification in my "simple mind" that a bottom-up bailout would have been a better strategy.  Sorry, still P.O.ed about the $700b bailout to nowhere!