Just released a new version of the calculator that "animates" the process of calculating the loan modifications instead of jumping straight to the answer. Click "Demo Site" under Links in the upper right to try it. Under the rules specified in Treasury directive 09-01, the target payment is calculated as 31% of income. First, the rate is reduced. Then, the loan is extended (up to 40 years). Then, a non-interest bearing balloon is added. (This set of rules always finds away to modify the loan, but that does not mean that the modification will be approved). Enjoy!
Even if it turns out that -- as theorists expect -- technical analysis doesn't work, it would be interesting to have unbiased software to explore. Can it backtest?