Here is a quick excerpt from an excellent post on http://www.doctorhousingbubble.com/. OK, so I'm far from qualifying for the "Bush Plan" (see my post below). It's better that way because I think it's a stinky idea to begin with.
This will only apply to owner occupied properties with at least a 36 month ARM reset period or less. (Mine is a 60 month reset.)
Loans must be originated between 1/1/2005 and 7/31/07. These loans must have reset dates between 1/1/08 and 7/31/10 (Nope, not this one, either.)
The loan must be current (Check)
LTV must be greater than 97 percent (Check)
The borrower must have a FICO score less than 660 (Not in my lifetime!)
The borrower’s FICO score cannot be higher than 10% since the loan's origination date (What does this mean exactly? Maybe "10% higher than at the time of loan origination.")
Each servicer must determine the owner cannot afford higher payments (Would this be the "moral suasion" part mentioned in my previous post?)