President Barack Obama announced today his plan to help millions of homeowners keep their homes.

According to the Associated Press:

"The initiative is designed to help up to 5 million borrowers refinance — if their mortgages are owned or guaranteed by Fannie Mae or Freddie Mac. It also provides incentive payments to mortgage lenders in an effort to convince them to help up to 4 million borrowers on the verge of foreclosure."

You can read the full story here.