Obama Set To Announce Plan On Second Mortgages

Senior Obama Administration officials will host a conference today at 12:30PM on new efforts to help bring relief to responsible homeowners under the Administration's Making Home Affordable Program, including an effort to achieve greater affordability for homeowners by lowering payments on their second mortgages as well as a set of measures designed to help underwater borrowers stay in their homes.

According to reports from Reuters, part of the announcement will involve paying off mortgage investors to either erase the debt or agree to accept a reduced return on their investment.

Senior administration official told Reuters, "It will be a shared effort with lenders, investors, borrowers and the government to ease or extinguish second-lien mortgage payments."