Is Federal Action Making the Housing Crisis Better or Worse?

Fifteen million Americans are "underwater," meaning they owe more on their mortgages than their homes are worth. The Obama Administration has $75 billion for a year-old program called Making Home Affordable, but there's widespread agreement that it's a failure that could be making things worse. Critics say false expectations have led people to waste money trying to stay in homes they really just can't afford. And banks have been hiding their losses. Are a vast number of foreclosures just being kicked down the road? Is a federal bailout required or should cruel financial reality be allowed to take its course? We debate an issue that's crucial to home-owning Americans, the housing industry and economic recovery.