The Federal Housing Finance Agency is rolling out a new program designed to help more borrowers reduce their monthly mortgage payments. Homeowners who are beyond 90 days late on their mortgages automatically will become eligible for a loan modification. The program will be available only to borrowers whose loans are owned or insured by Fannie Mae or Freddie Mac. A modification would be finalized after the borrower makes three on-time payments at the lower amount. Some financial analysts have expressed concern that the program could encourage other borrowers to deliberately miss payments in an attempt to become eligible.