Are the new cuts harmful and/or helpful....If helpful, who is really being helped?

Its seems that everyone is praising the new plan that led to a cut in mortgage interest rates! But is the cut really good news for the millions of homeowners already in trouble....If homeowners are already behind on their mortgages or have deliquent credit card payments then the answer is probably NO! IMHO 

I'm not an economics professional nor am criticizing the plan but is it possible that the rate cut will only help those with good credit and will do little or nothing for the millions of Americans already suffering with blemished credit scores because of the mess that the original loan programs and low rates in 2001-04 started? Is the government starting another cycle which was originally fueled by low rates in the first place?

So in the end, the plan will most likely stimulate home sales and will probably help stabilize the housing market but it will do little or nothing to help those already in trouble and may result in more trouble in a year or two after these new loans close. Are the future unemployment rates not a consideration in this plan? Are those qualifying for the new loans at low rates the future bailout victims of 2010?