The Obama administration is trying to ensure its $275bn housing-relief program will help only genuinely needy homeowners, but some critics say that it will also aid those who don't need -- or deserve -- the help.

'It's going to encourage everyone under the sun to try to qualify for this,' warns Chris Mayer, senior vice dean at Columbia Business School.

Other critics balk at the idea of providing help to borrowers who used their houses as cash machines, or who bought much costlier homes than they could afford.

Wall Street Journal