Quite honestly the Fannie/Freddie bail out is what that bill was all about (and we NEEDED it to keep money flowing); and pretty much everything else in it was to keep the media guessing and talking so the consumers didn't scream about the bail out.
Today, I was taking my 5 year old out school shopping (tax free shopping weekend!), and we waited until the 2 year old was distracted playing with dad, and then we left. That was bad on a lot of levels; but the reason I bring it up is that is how the government treats the consumers - they distract you with silly details -"hey, look at that credit for home buyers", meanwhile they do stuff you wouldn't approve of, right behind your back. They should just tell us the truth - "we have to bail out Fannie and Freddie, or you will have no money - you'll have to pay back your current mortgage, in full, and all your credit cards, immediately; because the banks are going to be completely out of money."
Bet Americans wouldn't like that! And, then, the government would have to explain how it got that way and what they should have been doing to protect you.... but things were going so well... and you (Mr. & Mrs. Consumer) would not have agreed to allow the government to make changes then to help us later. We are a society demanding INSTANT gratification - microwaves, faxes, emails, the evidence is EVERYWHERE. It's what WE do, we want something and we want it NOW. And, "if it ain't broke, don't fix it" - in other words, "don't tell me its about to rain so I can roll up my windows, right now the sun is shining so leave me alone!" We don't plan for the future, we don't think things through, and we don't listen to those that do.
The government treats us like children - and, in majority, we act like children. So, there you have it.
No, this bill will not bring you many, if any, benefits. But, it had to be done.