The Obama administration has unveiled a $75 billion plan to help homeowners stay in their homes by refinancing their mortgages. From the New York Times:

The Homeowner Affordability and Stability Plan includes measures to allow homeowners to refinance into loans with cheaper payments, according to a summary of the plan. For example, if a lender agrees to lower a borrower's payment so that it makes up no more than 38 percent of his income, the government would pay to lower the payments further to 31 percent of income. The aim would be to make the payments affordable. ... Finance companies cannot currently refinance a loan if the homeowner owes more than 80 percent of the home's value. But under the plan, Fannie and Freddie -- which were taken over by the government last year -- would be able to refinance a mortgage if it does not exceed 105 percent of the current value of the property. For example, if the value of the borrower's property is $200,000, but the homeowner owes $210,000, he or she could still qualify for the program. The program will not launch until March 4. [Link]

The administration has also provided some examples of how homeowners in different situations can access these funds and what it will mean to them. You can see that here [pdf], as well as a detailed "FAQ" about the plan on Whitehouse.gov.

Much more at the New York Times.