The Obama administration announced new modifications to the HAMP and FHA programs late last week to “better assist responsible homeowners who have been affected by the economic crisis through no fault of their own.”

So who benefits from the modifications? The program expands flexibility for mortgage companies and banks to assist unemployed homeowners as well as those who are underwater on their mortgages because of where they live – markets hardest hit by declines in home values.

And who doesn’t? Further into the Treasury press release, this elaboration:

The President has said: “We can’t stop every foreclosure.” And in fact, we can’t maintain the balance described above if we assist every borrower. For example, investors and speculators should not be protected under our efforts, nor should Americans living in million dollar homes or defaulters on vacation homes.

See the AP coverage of the story here.

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