What the Homeowner Affordability and Stabilization Plan doesn’t mean for homeowners

In Mesa, Arizona, Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market.  The story made the front page of nearly every newspaper in the country.
The president’s plan is sweeping:

Incent mortgage servicers to work with at-risk homeowners before delinquency starts
Let homeowners with good credit but little equity refinance [...]