It was called the Home Affordable Modification Program (HAMP).
I think they are moving up the food chain, from people that can't afford their home no matter how it is financed, to people that had bad timing.
It is still going to tick off people like me. I made a downpayment on my house and now that I am refinancing I am going to get a higher interest rate because I've crept above 80% LTV. No hand out, no special program, still paying off the amount I originally agreed to pay for the house. In the meantime I get to watch people getting sweetheart deals and principal reductions funded with my tax dollars.
Yeah, I'm going to hold a grudge.
Millions of us agree. This administration is rewarding mediocrity and giving the finger to those who played by the rules, sacrificed and honored their commitments.