In the speech today, Obama says he plans to put into action his plan which will only help people who were responsible in purchasing a house and who did not take advantage of the system when buying their house.  Having Freddie Mac and Fannie Mae currently controlled by the government, he said effective immediately, if your house is secured by Freddie or Fannie, you are eligible to apply for a loan modification.  He also said that he encourages all other financial institutions to work with consumers to restructure their loans.  He said any institution planning to use government funds will be required to participate in loan modification for qualified consumers.

He also created a $2 billion initiative for neighborhood campaigns to help work together to slow the foreclosure process.  This is big news for anyone owning a home as banks continue to receive more incentives from the government to work with customers and their mortgages.  Click here to modify your loan today!