Trying to refinance an underwater mortgage using new FHA guidelines?

My house is under water, I was trying to refinance using the new FHA guidelines where they will write off as much as 10% of the principle. The rules say that you have to work with your current lender. I was doing that but now my lender says that they can’t work with me because they don’t own the loan, it is in a mortgage backed security.

What can I do?
Thanks Acermil, you said

Lenders who own current loans are not required to participate in the FHA program, under the new guidelines. Such participation is purely voluntary. If your lender will not participate, there is nothing you can do about it. Your lender must be willing to reduce your principal by at least ten percent. If they will not provide a reduction, you cannot refinance under the FHA program.

My understanding is that in order to finance under the new FHA regulations, you MUST be current in your loan.

What is the point of new FHA regulations if the lenders are not required to use them?

Why would they do a principle reduction if they don’t have to?

My house is 100K under water, the loans are at 6 and 7 percent, I just want to refi at 4.5%

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