It’s a nationwide plan… I wondered why the original estimate was only going to help 80,000 people out of 2 million that were in trouble, now it makes sense!!
There are a fair number of reset problems in OH, MI, IN, IL, KY, TN, PA. This plan might help some of them, it isn’t going to help anybody who did 100% financing OR an option ARM and owes more today than the property is worth.
It will help those who had a down payment and got an ARM with a reset that they cannot afford. I believe it’s still a small % of people in trouble.
I’m sure there is still talk about a larger bailout plan, it remains to be seen what will still happen.
AND for the record, it’s an initiative, not iniative 😉
