Richard Thaler and Susan Woodward indict it. I’m not 100% convinced–the bit about the impact of the plan on foreigners who finance the national debt seems like a bit of a stretch–but they make a lot of good points. Such as:

An accurate assessment of the current mortgage problem would probably reveal no more than 700,000 loans with distressed borrowers. Why, then, would the U.S. government rewrite eleven million loans, or even all 3.4 million subprime mortgages?