This morning the federal government released a new plan aimed at lowering mortgage rates as well as monthly payments in a effort to stem the bleeding in the housing market.

The new plan is aptly named the "Making Home Affordable" initiative. To be considered for the program borrowers will have to show last years tax returns as well as 2 current pay check stubs, along with a "affidavit of financial hardship". Loans can only be modified one time.

Treasury Secretary Timothy Geithner said "It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets".

What does not qualify

• Loans made on or before Jan 1, 2009

• Single family properties worth ove $729,750.

4 million people are expected to qualify in this program, as well as another 5 million should be allowed to refinance though Fannie Mae and Freddie Mac.

The bill for the program is a whopping 75 Billion and runs through 2012.