President Barack Obama’s plan to tackle the foreclosure crisis will spend $75 billion in an effort to prevent up to 9 million Americans from losing their homes.
The plan, which is more ambitious than expected, aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.
The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.
"All of us are paying a price for this home mortgage crisis," Obama is scheduled to say in a speech after noon at a Phoenix area high school.
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