"His analysis may have been correct, but it evidently wasn’t what many voters wanted to hear."

On the face of it, true. However the percentage of mortgage holders (home owners) that either bought too much house, speculated, or used equity to party with is very small compared to the number of responsible mortgage holders that actually live by a daily budget.
I believe this issue of foreclosures is over hyped. Sure there are bubbles bursting in California, Arizona and Florida but much of the country remains in no danger of wide spread foreclosures. Of course we all are taking a hit on the rate of appreciation of our homes and the big financial houses are taking it on the chin for gambling on sub primes. Now is the time for the home market to cool down, without congress trying to intervene and prop up unrealistic home prices.