FACTBOX - Obama housing plan seeks mortgage payment cuts

(Reuters) - The Obama administration's housing rescue plan unveiled on Wednesday commits up to $275 billion (193 billion pounds) in funds to help reduce mortgage payments for up to 9 million families and arrest the devastating fall in U.S. home prices.

Following are some elements of the plan:

FUNDING, SOURCES

* $50 billion to modify mortgages will come from the $700 billion financial bailout fund approved by Congress last year.

* Up to $25 billion in direct costs to finance firms Fannie Mae and Freddie Mac to modify mortgages.

* Up to $200 billion from the U.S. Treasury to increase capital for Fannie and Freddie if necessary, authorized under a housing bill passed last year. Fannie and Freddie would increase their mortgage portfolios by $50 billion each.

REFINANCING FOR HOMEOWNERS HIT BY VALUE DECLINE

* Enable refinancing for 4 million to 5 million "responsible" homeowners who took out conforming 30-year fixed mortgages with a downpayment of 20 percent or more and are current on payments.

* The decline in home values means many of these families cannot qualify for conventional refinancing because their loan-to-value ratio now exceeds 80 percent.