I think this more of a political feel-good stunt. FMAC is not going to underwrite loans that have any hint at going bad. They’d be foolish not to learn from the countless firms that have gone Chpt 11 on sub-prime and increasingly on Alt-A.
This may help a few refi to avoid foreclosure, but chances are if they got into a loan they couldn’t afford before standards were tightened, they won’t be able to get into one now, unless the lender takes a huge hit, and lenders aren’t in business for charity.