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Mortgage Bailout?

OK, it’s not a bailout but the President just announced that the government will offer to refinance high risk loans for people with good credit.

Need some bailout loan money to start a… I'm buying a house to give alot of adult females a place to live. What's the chance of getting some kind of "special bailout loan" from the us government? Where the heck do I start.…
The Credit’s cards (Banks) are… I recieved my statement for this month from my credit cards companies, now they are increasing my interest like 10% more than before. So how the bailout help me, if they doing this. I had…
WE NEED A BAILOUT FOR COLLEGE GRADUATES? If homeowners are getting bailout in terms of loan restructing in regards to FHA. Then so should college student in regards to private loans. People talk about how corrupt Walll street was in regards to…

I just got my mortgage last January and understood it to be a fixed rate yet interest only loan. But then I read in USA Today that these are high risk loans too and that the payment will go up when the principal kicks in and the rate can actually change. I realized the payment will go up but I thought I had a fixed rate! Anyway, I have a Countrywide loan and I’m a thinking I better check things out. So before I run off to find a CPA or mortgage expert can any of you tell me if I should be looking into this government refinance? And where do I go to get it? Thanks.

On a separate note it looks like Countrywide is making some drastic moves to stay competitive with the market (borrowing money, laying off %25 of the workforce). But if they go belly up any idea how that will affect me? Thanks again!

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