The current system was considered a fantastically generous innovation at the time it was created. Earlier the home was part of the bankruptcy and they could toss you into the street quite easily.
Apparantly ACORN and the Obamaistas want to roll back the current system and allow judges to consider the status of the residence in bankruptcy proceedings.
I suspect they haven't thought this out all that carefully.
Oh, I think it was well thought out well in advance.
I bet ACORN has a "credit counseling" wing....all set up to "advise" people on the mortgage bailouts. And Obama/Pelosi will shower BILLIONS on them for their trouble.