Bush's Mortgage Plan

It looks like Bush is going to be the one to backstop the mortgage market meltdown. IIRC the FHA (Federal Housing Administration) was one of those New Deal programs that came out of the FDR Administration. Ah, FDR a positive, forward thinking Democrat that America could get behind. He was instrumental in winning a war too.

Under the Bush proposal, which FHA officials said would take effect
immediately, an estimated 60,000 homeowners who have fallen behind on payments because their mortgages have reset would be able to refinance with FHA-insured loans. That marks a significant change because FHA does not now insure refinanced loans from borrowers who are currently delinquent.