In the State of the Union, President Obama introduced a basic principle: Every homeowner who is current on his or her payments ought to have a chance to refinance their mortgage at today's historically low rates.
To make that idea a reality for everyone, Congress must take action.
But today, the President is taking another step to make refinancing easier for millions of Americans who have government-sponsored mortgages. He's cutting fees -- to help families save money and make refinancing more attractive.
And at a press conference that just wrapped up, President Obama announced a series of steps aimed at helping homeowners who have served in the Armed Forces.
When the nation’s five largest mortgage servicers reached a settlement with the federal government and 49 state attorneys general, they agreed to provide substantial relief to the nation's veterans who were victims of wrongful foreclosures or who were otherwise disadvantaged in the mortgage process because of the obligations of their service.
Here's how veterans and their families will benefit because of the settlement: