$75B for the stupid and careless

President Obama just announced a new $75 billion plan to help people who would otherwise have their homes foreclosed. It would be geared toward those individuals who have a mortgage greater than the current value of their home.
I am not one to support government intervention. I think that generally the government should only use taxation in its fiscal policy. That is to say it should influence the market only as far as varying tax rates can achieve. It should only help obtain economic equality with progressive taxation. That being said I do concede that, at times, expansive policy and grants may be necessary; that is to say the least bad policy. So in that respect I do not go as far as to feel my anti-intervention beliefs are a moral imperative.
So how do I feel about this? Well I will say that I like a lot of the major Obama stimulus package. Working to increase the national capital should pay off in the long run. For example, renewing the National Defense Network, along with other infrastructure, should help America regain part of their competitive advantage. It will create construction jobs now and more permanent jobs in the future. Putting money into research for future technologies including renewable energy resources should keep America at the forefront of technological improvement. So the main stimulus plan is, generally, well designed.
But I have a hard time liking this new stimulus plan. I understand that millions of people losing their homes could have an adverse affect on the economy. Further to that it may cost even more money in welfare and homeless shelters and all of the other burden on the social safety net associated with homelessness, than to keep them in their houses. All the same this plan is essentially the same as bailing out the banks. It is rewarding the careless and stupid; those who did not save money and/or bought houses out of their means with very small down payments. It sets up a bad precedence for the future: don't worry about saving or taking care of yourself because the state helps those who screw themselves.
The banks, in theory, employ those with a strong understanding of the economy to help turn a profit. So they should have known better than to lend to anyone who wanted to borrow. Further transforming said high risk loans into low risk derivatives was not kosher. But you cannot ignore the individuals who sought out these loans. Its not as though bankers accosted people on the street with sacks of money and a repayment schedule.
Its also not entirely the Bush administrations fault on the government side. Frannie Mae and Freddie Mac were encouraged to lend to anyone who wanted to buy a house by Democrats as a way of closing the gap of the Plebs and Plutocrats (working class and investing class; stray cats and fat cats; proletariat and bourgeoisie; ad nauseum).
This is also why housing prices shot up so quickly. Basically because of a new policy from Washington, the number of potential purchasers ballooned in an instant. This excess demand increased the value of homes across America. It also led to a construction boom which has now led to an excess of residences.
This is the folly of grandiose government policies. Something as innocuous as an attempt to raise up the poor in America helps crash the global economy. What could this current policy do? Well if I were a person whose mortgage was say $X and the value of my home is $X+Y, I may be looking for a Realtor who will tell me that Y is a negative value so I qualify for some of the relief funds. This could, though fictitiously at first, drive down the value of homes even more and lead to a further loss of faith in the economy.