Today, the European Central (ECB) bank opened its loan windows to Europe’s commercial banks, lending some 800 banks nearly 530 billion euros at just one percent interest. It’s the second such rescue operation since Mario Draghi became ECB chief in December, when Europe’s central bank pumped out over 489 billion Euros.

The long-awaited mortgage deal between the federal government, 49 state attorneys general, and five big banks that was announced Thursday is pretty thin gruel, but it could have been a lot worse.

Under the deal, the banks will provide relief to homeowners in a deal variously described as ranging from $25 billion to more than $40 billion. But a look at the fine print suggests that only about $5 billion cash will actually change hands. Some $1.5 billion will go directly to homeowners who went through foreclosure, with each receiving about $2,000. Other cash will go to states to help distressed homeowners.