Homeowner Affordability and Stability Plan

Here is the White House's Executive Summary of the Homeowner Affordability and Stability Plan. Some of it strikes me as a good idea or at least reasonable. For example, where there are rules that currently prevent reworking a mortgage (e.g. Fannie/Freddie w/r/t mortgages that exceed 80% of the home value), I'm OK with changing the rules to allow a rework. And I may be OK with parts of the plan that provide incentives for lenders to rework mortgages (without requiring a rework).

I'm considering the rest of it, keeping in mind that doing nothing may actually cost more for all of us (in lower house values and in lost property tax revenue from boarded up housing) than doing something.