Right. I don't see the bailout and subsequent loan ownership having anything to do with 4th amendment issues here, but there are a lot of other potential problems as noted.
Whether or not the government holds the note on various homes does not change, in any way, the position of the 4th amendment and those buying the homes.
With that said, it may make matters much easier if the government has to foreclose on the home...from the perspective of the government.
"If you look through your scope and see your shoe, aim higher."
-- said to me by my 11 year old daughter before going out for hogs 8/13/2011