Based on what I have read, I am assuming the new refi's under HAR to those who are "underwater" will not have MI.

Take a look at the three test cases posted under the original announcement.

http://www.treas.gov/initiatives/eesa/homeowner-affordability-plan/HousingExampleSheet.pdf

Note in Case A: "Their "loan-to-value" ratio is now 90%, making them ineligible for a Fannie Mae refinancing."

Note in Case B: "Their "loan-to-value" ratio is now 84%, making them ineligible for a Fannie Mae refinancing."

#1. Unbelievable that they would say these two loans are ineligible for Fanne Mae financing

#2. If and 85% or 90% LTV can go direct to their servicer and refi w/out MI, that will take away a lot of business from local broker/banker