"President Barack Obama's $75 billion housing plan will help as many as 9 million homeowners refinance if they owe more than their home is worth or avoid foreclosure if their payments are climbing beyond their reach.
The initiative, called the Homeowners Affordability and Stability Plan, is more extensive than expected. But it doesn't offer aid to speculators who bought multiple homes as investments, nor to people who bought homes they knew they couldn't afford and then tapped all their home equity.
'The plan I'm announcing focuses on rescuing families who have played by the rules and acted responsibly,' Obama said during his speech at Mesa's Dobson High School. 'It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans.'"
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Who qualifies for mortgage assistance
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