Can We Rescue Homeowners?

After the banks, there stand millions more homeowners facing foreclosure. If they go down, the battered housing market — and maybe the whole economy — goes with them.

But bailing them out — block by block, house by house, loan by loan — presents all kinds of hazards, moral and otherwise. Who gets saved? Who doesn’t? How? And how do home prices find a real bottom?

This hour, On Point: Facing up to dealing with the home foreclosure wave.

You can join the conversation. Who should be saved? Do we all go down if a trillion more dollars in mortgages go belly up? Share your thoughts.Guests:

Joining us from Washington, DC, is Diana Olick, real estate correspondent for CNBC and author of the Realty Check blog.

Joining us from New York is Daniel Alpert, a founding partner of investment bank Westwood Capital. His Freedom Recovery Plan, developed to help homeowners with troubled mortgages, was written about recently by New York Times columnist Joe Nocera. The column generated a large response, and Alpert responded to critics on Nocera's blog. You can also read his Westwood Capital report "Putting a Floor Under American Homes: How Low Do We Go?"

From Bethesda, Maryland, we're joined by Guy Cecala, CEO and Publisher of Inside Mortgage Finance Publications, Inc., which publishes the newsletter Inside Mortgage Finance.