The Home Affordable Modification Program, announced in 2009, hoped to help 3 to 4 million borrowers stay in their homes, but resulted in only 170,000 permanent loan modifications. Facing criticism and an estimated 11 million potential foreclosures this year, The Obama administration announced a new $14 billion program, which shifts their efforts toward the expanded use of principal write-downs for unemployed homeowners and those in areas where home values have dropped most severely. The plan includes three to six months of temporary assistance for the jobless and incentives for mortgage servicers to write down part of the principal balance. FAQs here and here. More here and here.