Are Bankers Government-Owned Now?

I heard yesterday that Obama plans to force banks to reduce or eliminate mortgage payments for unemployed borrowers to 31% of their income. They will also be forced to forgive portions of loans for homes that are underwater, or owe more than the home is worth. This program would be financed through TARP. Can someone explain to me how Obama has the authority to interfere with private business contracts? Does he have the authority to use TARP funds for this purpose? I'm still scratching my head wondering where Obama got the authority to steal stock from auto company preferred stock holders and give it to the unions last year. Do contracts have no weight anymore in America? Am I paying your mortgage? In hard times is the government empowered to force private business to provide charity? Are bankers free? Or are they now slaves to the state.
Hat Tip Gateway Pundit.