Details have been surfacing all day about the new mortgage relief efforts under the Home Owner Affordability and Stabilty Plan that was signed into law on February 17th.  So far, It seems to have 2 components:

One, "encourage" loan servicers to modify loans where the homeowner has some sort of distress through loan adjustment, job loss, or otherwise in danger of foreclosure.  This program is voluntary (just like the 2 previous programs), so there is no guarantee the servicer will agree to modify the loans.

Two, Fannie Mae and Freddie Mac will have a refinance program for those who are current on their mortgage but cannot refinance due to declining home values.   The maximum loan to value on the new loans would be 105%. This new refinance will not allow new secondary financing on the property, but would allow the existing second mortgage to subordinate to the new loan. (good luck getting that)

It will take the lenders a little time to asses the new programs and then decide how and if they are going to participate.  I will post more as it becomes available. 

For those of you with the time and energy to read and decipher it all, I found detailed information on Fannie Mae's website: https://www.efanniemae.com/home/index.jsp

Also:https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0904.pdf

and finally: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0905.pdf

I've been optimistic with the two previous programs, but was disappointed over what actually came to be available.  I hope this doesn't happen with this latest mortgage relief plan.