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President Obama announces his mortgage aid plan

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Mortgage foreclosure
The foreclose crisis has been at the heart of the nation's economic woes.
Photo by Joe Raedle/Getty Images

In its latest effort to stem the financial crisis, the Obama administration announced the details of a $75 billion plan to help struggling homeowners.

The plan is more ambitious than initially expected - and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.

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Mortgage foreclosure
The foreclose crisis has been at the heart of the nation's economic woes.
Photo by Joe Raedle/Getty Images