The numbers are big and it is a positive step, but the Obama administration's mortgage settlement plan amounts to little more than small potatoes when it comes to fixing the housing crisis.

Last Thursday, the administration unveiled a $26 billion settlement with big banks.

The settlement involves five of the nation's biggest banks — Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally — for their flawed and fraudulent foreclosure practices, and is designed to allow homeowners to reduce their mortgage debt or refinance their loans at lower interest rates. It also is expected to aid roughly 750,000 people whose lost their homes to foreclosure.

So far, so good.

The problem is that there's less here than meets the eye.

Yes, $26 billion is a lot of money. But the bulk of that — roughly half — will aid people living in Florida and California.

Furthermore, the settlement affects only those people who obtained loans through the banks in question.

If you obtained a mortgage via Fannie Mae or Freddie Mac, which hold roughly half of all U.S. mortgages, this deal does not apply. Nor does it apply if your mortgage is held by a private investment firm.

There also are concerns about the length of time banks have to make good on this deal. Although the amount of money they must provide — Bank of America will provide the greatest amount at $11.8 billion plus an additional $1 billion for FHA loans — is substantial, the banks have a three-year window in which to do so. Critics argue that some homeowners who are now in trouble could be forced out of their homes by the time this settlement agreement is fulfilled.

That's not to suggest that additional hope is not possible. If nine other mortgage servicers agree to be a part of this settlement, the total package could reach $30 billion and be expanded to include a host of other homeowners.

The deal has come in for criticism by groups that believe the banks are getting away without being held accountable for their role in the housing crisis. But U.S. Attorney General Eric Holder said the government retains the right to pursue additional charges against the banks.

This marks the largest federal-state settlement in U.S. history. But it falls short of helping many who are on the brink of going under.

The settlement is a positive step. The problem is, most need a ladder, not just a step, to head off foreclosure.