This just appears to be just another way to GIVE banks an incentive to do the right thing. They should have marked down the property values on the books a LONG time ago and taken their lumps with the rest of us. Mark my words this will benefit banks more that those in foreclosure. The banks will probably make the owner seeking foreclosure relief to take the brunt of the loss.
Let us say, for instance, each of the 153.9 million people in the work force (which according to the CIA World Fact Book includes the estimated number of unemployed in 2010) receives a check for $10,000. The total cost for this initiative would be around 1.54 Billion dollars. That is a huge savings over the $787 billion bailout that was provided to help banks and corporations stay afloat