Some may see the mortgage move by the Bush administration as a bailout for overzealous lenders and borrowers. However, an article by MSNBC about the rate freeze program suggests that the action is not a bailout and in fact, may be just what the country needs.
If the government doesn't get involved many more foreclosures may occur. If so, the economy could take quite a hit. So, the government steps in to save everyone some grief.
Also, the government hasn't necessarily paid anyone so tax payers haven't suffered, yet. Bankers don't lose ground to looming foreclosures and home owners don't lose their savings and/or home.
Now, it doesn't seem that the aid will come to everyone who owns a home with a tough mortgage but it may help relieve some of the pain.