Obama to unveil homeowner aid plan today

President Barack Obama will announce a $75 billion plan today to help up to 9 million homeowners who cannot afford their monthly mortgage payments. Obama’s plan will provide refinancing or modification of home loans and will help homeowners who are at risk of default as well as those who are already behind on their loans. Companies that service loans will receive monetary incentives for each loan that is modified, and additional incentives when a borrower stays current after a loan modification. The administration will also work with Congress to amend bankruptcy laws so that judges can modify mortgages. TRD