let's do the math on the foreclosure bail-out

From the AP's Liz Sidoti in the C-J...

President Barack Obama threw a $75 billion lifeline to millions of Americans on the brink of foreclosure Wednesday, declaring an urgent need for drastic action - not only to save their homes but to keep the housing crisis "from wreaking even greater havoc" on the broader national economy.

OK. But how about "wreaking even greater havoc" through promoting incentives to engage in bad behavior, racking up even more debt, and so on?

...aims to prevent as many as 9 million homeowners from being evicted and to stabilize housing markets...

OK. $75 billion for no more than 9 million people is at least $8,300 per home.

UPDATE: From Laura Meckler's WSJ article today, the number is 5 million homeowners. That means $15,000 per home.

Government support pledged to mortgage giants Fannie Mae and Freddie Mac is being doubled as well, to $400 billion, as part of an effort to encourage them to refinance loans that are "under water" - those in which homes' market values have sunk below the amount the owners still owe....

Whew...that's some serious moolah. Now, we're talking an additional $44,300 for each of the 9 million homes.

UPDATE: With Meckler's number, this translates to $80,000 per home.

The new president...rolled out the housing program one day after he was in Denver to sign his $787 billion emergency "stimulus" plan...

That's more than $10,000 per family of four-- at least families of four in the future.