Obama's Housing loans will help responsible homeowners.

President Obama introduced the Homeowner Affordability and Stability Plan or HASP on feb 18th which is estimated to help 7 million to 9 million families avoid hardship or foreclosure. He explained this would be done by "refinancing loans for millions of families in traditional mortgages who are underwater or close to it, by modifying loans for families stuck in subprime mortgages they can't afford as a result of skyrocketing interest rates or personal misfortune, and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments."
According to Holden Lewis, those homeowners who had never fallen short on their monthly payments may qualify to refinance at lower interest rates. HASP "focuses on rescuing families who played by the rules and acted responsibly."Another category of homeowners who have subprime mortgages, or exotic loans such as pay-option ARMs, might also qualify to keep their current loans, but have them modified to make the payments more affordable.
But many will be unable to make use if HASP because of some limitations and exceptions in the plan. Those who owe more than what their house is worth will not be eligible for refinancing. Those whose loans were not securitized by Fannie Mae or Freddie Mac may find it difficult to refinance.
http://www.bankrate.com/brm/news/mortgages/mortgage_news_changes_a1.asp