Can I refinance a conventional loan into a FHA loan?

I see there is a new program coming out for people that are upside down in their mortgages to refinance.
It looks like it is only for people that have FHA or FMA loans. Is it possible to refinance a home from Conventional to a FHA loan? Even if I owe more than the home is worth at today's values.
Update: So there is no way I can refinance an underwater loan to a cheaper interest rate?
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