About the idea of Obama's housing breaks for those whose mortage is underwater?

He's giving our citizens a chance to hang on to their homes as the republicans are saying that the market should be left alone. I agree with that to a point, but if he foreclosures take place without Obama's program, then foreigners will come and buy up those homes. This Resident visa thing (don't know who's really behind this one) that's being looked at will allow anybody with enough money to come in and buy homes when in fact they, the feds, won't even know who's coming in. Heck, they can't keep track now, they won't either after this proposal kicks in. The banks don't care where the money comes from, they don't care who your neighbor will be, they just want their money. I say allow our citizens the chance to refy and hang on to our homes and the banks can kiss my fluzonacol! Your thoughts?