Credit unions and other financial institutions would receive financial incentives for rewriting the terms of loans for consumers in danger of losing their homes, under a plan unveiled today by President Obama.
In a speech in Arizona, Obama said his plan would help as many as 9 million homeowners who are having difficulty making payments or who can't refinance their homes because of declining home values.
The initiative includes a loan-modification plan that could affect between 3 million and 4 million homeowners and a plan to help between 4 million and 5 million homeowners refinance their homes.
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