Almost 20 percent of American homeowners owe more than their homes are worth, and more than four million homeowners with a mortgage are at least one payment behind on their loans. Half a million have already started the foreclosure process.

Under the current proposal, the payments would be reduced by banks and the government would guarantee any loans that fail anyway. Different ideas are on the table, and the details are still being hammered out between the FDIC and Treasury Department, which are cooperating on the deal.

Some say homeowners should come first in any bailout efforts; they are concerned that billions of dollars could be funnelled back into failing financial institutions. "I don't feel that it's necessary for us to try to bail them out," says homeowner Mary Jane Byrd. "They should be taking care of us, the people that they've wronged."

Still being decided on this bailout deal: of the millions of homeowners at risk, who qualifies for the help? Leah Talley took out a loan she couldn't afford, and she knew it. "There was this little voice, little Jiminy Cricket voice going 'Don't, don't do this, they've valued that home at too high of a value.' I went ahead and did it anyway."

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