Is there anything more heartless than foreclosing on a home and throwing a family out on the street? How about taxing the family next door into penury to pay for the reckless borrowing of its neighbors? Welcome to the Obama Homeowner Affordability and Stability Plan — a complicated wealth redistribution scheme dressed up as a cure for the nation’s housing woes. It is almost certainly bound to fail. Now, there is no doubting that Obama’s heart is in the right place. With foreclosures at record highs, the American white picket fence dream is crumbling. And the impulse of any caring...