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.

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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