The plan, which Obama is due to formally unveil at 12:15 p.m. EST, also establishes a $75 billion homeowner stability initiative to help keep between 3 million an 4 million responsible homeowners in their homes.

The plan also aims to increase confidence in mortgage giants Fannie Mae and Freddie Mac through Treasury funding to ensure the strength and security of the mortgage market and to help maintain mortgage affordability, the plan summary said.

Fannie mae Freddie mac Mortgage