Personally, I need to research exactly what they're doing more before I can say too much here, I admit I don't know enough.
Now then, for opinion:
I don't really give a damn if the people who were too lazy to read and comprehend what they were signing lose their house because they can't pay the mortgage.
I especially don't give a damn if the people who understood it, and made a bet that the values would go up and they'd be able to make a profit off it, lose their houses. To me, that's the same as making a bet in the stock market, sometimes you win, sometimes you lose. How often that is depends on your knowledge and research. If you couldn't afford to lose, you probably shouldn't have made the bet in the first place.
I don't want the banks to fail in a catastrophic way, and I don't want anyone to lose FDIC insured money. Now then....from my currently rudimentary understanding of things, it's probably necessary for some intervention, but I would like to see that bill to also have attached to it the laws to stop this from repeating itself.
Understanding how those views fit into what's going on will probably be a project for saturday, or whatever night I have insomnia this week.