If you would love to refinance but don't have home equity, and you owe more on your mortgage than your home is worth, a program that I and other bloggers wrote off months ago may finally be in a position to help.

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The FHA Short Refinance, which requires your current lender to write down the balance of your mortgage to less than the property is worth, lets you replace your current loan with an FHA mortgage. Until now, though no major lenders would work with the program and in its first six months only 44 people--yes that's not a misprint--only 44 people got refinances this way.

And the big five are….drum roll please….

Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and Ally Financial/GMAC are all reportedly participating in the struggling program, according to spokespeople for HUD and JP Morgan Chase.

This sudden desire to play ball came only a few days after the House of Representatives voted to kill the short Refi program (Obama says he will veto it, keeping the program alive). Republicans (and just about everyone in the mortgage industry) have criticized the $8 billion program as weak and poorly-conceived.

I can't help wondering if the five lenders were cajoled by the Administration into helping out (carroted) or scared into getting with the program before something more burdensome was forced on them by the Administration or Congress (sticked).

If anyone reading this has applied for the program I love to hear about your experience.