Are most of the government funds helping the wrong people?

Are the government funds that were given to banks being used on the wrong people? I think that the money should be used to help those individuals that were planning their finances correctly. I believe that the funds are flowing to people who speculated on the real estate market. They purchased more homes then they should have been able to qualify for. These speculators used the system loopholes to leverage marginal funds to acquire multiple homes. All this on the hopes of taking advantage of skyrocketing real estate values before feeling the consequences. When the market took a huge dive and creative loans disappeared from the market, the speculators just walked away form the homes, thus leaving the banks and the investors, and ultimately tax payers to save the companies that made this possible. What about the people who put a down-payment, waited patiently for the dip in the market, reviewed the loan documents for pre-payment penalties, and adjustable rates, what about us? Why do we have to ruin our credit before someone helps us? Why can't people with a loan that is upside down be refinanced at a current rate? Is it because there is no profit in helping us? I have a degree in finance and I can't figure out what benefit a bank has in foreclosing on good people instead of helping them pay the mortgage! Why foreclose and then sell for half the price? Why not adjust the payment and principal so that the current homeowner can afford to stay in their house? I understand present value versus future value but loosing 50% of the loan and then issuing another loan at a rate that could be 30-40% lower is just wrong. What do you think?