President Obama’s new plan for struggling homeowners

The Obama administration is set to propose a broad package of initiatives to help millions of strained homeowners refinance with new government-backed mortgages with lower payments. The move is meant to help fix the current foreclosure crisis.

The plan also features special provisions for unemployed Americans as it could temporarily cut their monthly mortgage payments. Finance reporter for The New York Times, Louise Story, explains how the new package has potential to make a difference in the lives of many homeowners.