Part of the plan allows Fannie and Freddie to re-write mortgages up to 105% of the home’s value.
Well, Michigan is one of six states, Georgia, Florida, California, Nevada and Arizona being the others, which have 60% of the mortgages that are underwater in the U.S.
That is, 60% of the homes that are now worth less than what is owed on them.
Mortgages in those same six states total one-third of the Fannie Mae portfolio, though Michigan has only 3%.
For Michigan mortgages, virtually no help, other than the judicial mortgage modification part of the program.
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