In the short-run the U.S. government needs to assure bond (mortgage-backed and debentures) holders that the credits in the holdings are secure (I am far less concerned about share holders). Too much is at risk in pension funds, banks (commercial and thrifts), governments (foreign and domestic) , insurance companies, etc. The current means being adopted are probably OK in the short-run but should not be a surrogate for a longer-term solution. In the longer-run we need to come to grips with the world of the financial utility and its mechanisms.
As to the Indy Mac's (arguably a creature of the housing bubble) of the world, it seems that the market and the regulators are properly handling things.
I believe we are into a very long process of "hunt & peck" solutions, driven at least as much by political as economic motives. Giving Americans a piece of the rock has been a core philosophy of our society for quite some time. It is a bedrock (no pun intended) of an enlightened capitalism and a protective edifice against unsettled populaces. The governments at the Federal and local levels have been intimately involved in facilitating home ownership and Fannie and Freddie are just pieces of this environment.
Perhaps the inertia resident in the world of banking has been impacted by a outside forces great enough to change things, but to what end?"