Obama To Announce New Housing Initiatives [LIVE VIDEO]

President Barack Obama is unveiling a plan for mortgage relief for members of the military and homeowners with FHA loans.

During a news conference today, Obama will detail an agreement with major lenders to compensate service members and veterans who were wrongly foreclosed upon or denied lower interest rates.

• Watch live video of the press conference here at 1PM

FHA-insured borrowers would be able to refinance their loans at half the fee that the FHA currently charges. That could save a typical FHA borrower more than $1,000 annually. Two million to 3 million borrowers would be eligible.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)