I've been reading about the mortgage settlement and noticed that a lot of people are commenting that their providers sold their loans (ex to Freddie Mac) which makes them ineligible by definition for this program. Other than calling your bank and asking, how would you find out that your loan was sold? Are they legally required to notify you of this?
Here comes a mouthful...
The servicing of a loan may be sold by the original lender to another firm who will send borrower their monthly statements (aka 'service' the loan). This must be disclosed before the loan closes, and it also must be disclosed every time servicing is transferred. Sample disclosure attached. As for whether the underlying loan (which is different from the servicing) has been sold by the servicer, borrowers can check if Fannie/Freddie own their loan here: http://www.fanniemae.com/loanlookup/, https://ww3.freddiemac.com/corporate/.
Special government-led refinance programs for distressed borrowers mostly require that Fannie/Freddie own the underlying loan regardless of which firm services the loan. If you're trying to get a loan modification or refinance and it doesn't show up on the Fannie/Freddie lists, then you must ask your servicer if they can help you directly.
As a former mortgage broker who had to deal with this sort of thing, the short answer is absolutely 'yes.' Great answer provided by Joshua so I really can't elaborate.