March 6th, 2012
09:30 AM ET
WASHINGTON (CNN) –With the U.S. housing market still struggling to recover, President Obama is hoping to provide some relief for those in the military, veterans and homeowners with government insured loans.
The announcement, expected to come at the president’s 1:15pm news conference Tuesday in the White House briefing room, aims to reduce fees for borrowers with FHA loans who are trying to refinance at lower rates, saving about $1000 a year.
In addition, the president is expected to announce an agreement with lenders that will compensate those in the military and veterans who have been “wrongfully” charged higher interest rates and “wrongfully” foreclosed upon, according to information provided by a White House official.
“This is part of the president’s overall strategy to support responsible homeowners and the housing recovery,” the statement said.