"You have to say the obvious recipients of help are the homebuilders, but on the other hand you can see why it would happen because the home-building industry is in a deep recession if not a depression," said Pollock, the former president and chief executive officer of the Federal Home Loan Bank of Chicago.
One key thing he sees missing from the legislation is a requirement for a clear disclosure of mortgage terms for borrowers.
"You ought to be able to tell people in one page what this mortgage means to them," Pollock said. "And what that really is: how much of my household income is paying this mortgage going to consume? That's the single most important thing you need to know in order not to do something really dumb, like get yourself into a mortgage you can't possibly afford."