It is not clear, for instance, if it will include incentives for mortgage lenders and servicers to write down borrowers' principal, which may be the only way to stop the rot though more details are expected in coming weeks.

ECONOMIST: America's bank bail-out

Spencer once had to write a note to his principal years ago when a job conflicted with the school day.

FORBES: Dial D for Disruption

The Treasury cannot, for example, force them to write down mortgage principal to mitigate defaults, even though taxpayers rather than shareholders would bear any associated costs.

ECONOMIST: America's housing market

At the same time the possibility of a principal write-down in bankruptcy made banks more willing to negotiate reductions pre-emptively.

ECONOMIST: Economics focus