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For homeowners, it is not yet clear how Obama’s foreclosure is going to bring change in the housing industry. The plan comes with an executive summary of the problems that foreclosure plan is going to address. One of these problems is inability by homeowners to refinance homes whose values have plummeted due to low interest rates. The summary also recognizes that almost 6 million homeowners are faced with foreclosure due to recession. Due to the epidemic of foreclosure, property values are dropping

Obama’s administration has launched a stability plan that will enable nine million families being faced with the threat of foreclosure restructure all the mortgages that they are currently financing so as to avoid the eventuality of a foreclosure. Reducing the cost of refinancing these mortgages is the primary blueprint of this stability plan. There are also attempts to strengthen initiatives that increase the homeowner’s confidence in the government.