'EVERYONE' else receives other benefits from the housing market being stable. ie, those who have retirement plans who are cratering as a result of continued bank insolvency because of home prices falling... those who are losing jobs due to falling aggregate demand because credit issuance is broken due to the same cause... etc. etc. I am one for tightening foreclosure/bankruptcy rules to offset the moral hazard that could come from a mass refinance program at below mkt rates.
But we won't know anything about China for almost a year because they only measure their GDP on a "year-over-year" basis and not vs the past quarter.
And that was McCain's big economic proposal during the Presidential debates, as I recall. But "subsidizing" your neighbors mortgage doesn't come off too well in the Republican party.