Let me preface my answer by acknowledging that I have not done my homework on this and do not know all (or even many) of the details.
However, in general I feel that parties need to be held responsible for their own actions. This accountability should be no different now. Lender's should have known better than to give money to the borrowers with poor credit, and the borrowers should have known better than to over extend themselves by getting into mortgages they should have known would be difficult to handle.
I feel that having the Treasury enter the situation partially absolves both parties from facing the consequences of their actions. I feel that the consequences, unfortunately do need to be felt, so that we won't be making the same mistake 10 years from now.
That's my two cents.
Edit -
Link to the poll on WSJ.com