Sadly, I think that if it happened now, we would be in a situation where people staying home would end up causing them to loose their home due to a lack of income, and any calls to help those people would be met by Neo-Con hate.
I guess you ought to leave the thinking to grown ups. So why would "neo-cons" want to foreclose on a zillion underwater (in the sense that the debt owed is more than the price the home can be sold for) home loans? That turns a temporary shutdown of the loan repayment revenue stream into a large permanent loss. They haven't bankrupted themselves enough that month?