I want a 3% mortgage

So, if you haven't seen it, the FDIC released a proposal to modify mortgages that people can't pay for to be as low as a 3% mortgage (5 year ARM) with no principal reduction allowing people to reduce their mortgage to 31% of their gross take-home pay and stay in their houses. Here is the FDIC page with the official proposal. While I understand the need to help people in these bad mortgages to stabilize the housing market and therefore the economy, I wish they would make a general program that allowed a 3% 5 year ARM instead of only offering it to those who can't afford it. I gladly would take a 3% 5 year ARM and nearly cut my interest rate in half. Instead, the current proposal is that unless I miss 60 days of mortgage payments, I am not eligible for this rate cut. Sad...

When I say this is an ARM..it really isn't. It raises 1 percent per year until it hits the prevailing market rate. Better than an ARM.