February 18, 2009 Obama delivers words of hope for homeowners Play video

(NECN: Mesa, Arizona) - In unveiling a sweeping new $75 billion plan to tackle the mortgage crisis, today President Obama said, "The American dream is being tested."

"The effects of this crisis have also reverberated across the financial markets," said Obama. "In the end, all of us are paying a price for this home mortgage crisis."

More than 2.3 million homeowners coast-to-coast faced foreclosure proceedings last year. Analysts worry that number could soar in the coming years.

"The plan I'm announcing focuses on rescuing families who played by the rules and acted responsibly," said Obama. "Through this plan, we will help between seven and nine million families."

One part will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another provides incentives for mortgage lenders to help those on the verge of foreclosure.