A good overview here and a terrible idea here.
The second article's thesis is that the root of the problem is the falling of housing prices and that the current proposal will not do enough to address this.
The current proposal will fail because the federal government getting in the way of the natural allocation of resources always has negative consequences. This guy's proposal leaves out the fact that propping up housing prices to artificially high levels keeps an artifical shortage of housing supply, leading to new housing construction that isn't necessary that is built by companies on credit with the whole thing fueled by government backed financing because everybody deserves a home regardless of credit worthiness and we're right back where we started.
Markets are a good way to organize economic activity. Governments are a bad way.
And if anyone needs a reminder of how fucking stupid socialists are, please see here.