With the first Bush Administration bailout attempt likely dead after Citigroup (NYSE: C) decided to put its troubled SIV assets onto its books killing the need for the Super SIV, you may be wondering what else the Bush Administration and Congress have up their sleeves to try to fix this mortgage mess. If Alan Greenspan has anything to say about it, it would be nothing. In an opinion piece for the Wall Street Journal he wrote, "The financial erosion will come to an end when the prices of homes and equity in homes stabilize, probably not before." Many conservatives and libertarians agree with that view and think the best move would be to do nothing, so that we don't delay the point at which house prices reach bottom.

Surprisingly, the American Enterprise Institute (AEI), a conservative, market-oriented think tank, believes we may want to revisit the work of the bailout federal agency, Home Owners' Loan Corp., which was created to help get us out of the depression in 1933 when thousands of banks failed and millions couldn't pay their mortgages, according to a story in the weekend Journal. This federal agency bought distressed mortgages from banks at a discount and refinanced them on easier terms.

Banks aren't failing yet, but there are millions on the brink of not being able to pay their mortgages. While we've talked openly about $2 million with ARM resets ready to go over the deep end, some believe we haven't seen anything yet, and credit card debt may send many more millions into trouble as the credit crunch continues to unfold.