President Obama has announced clear steps that deliver on his promise to help millions of responsible American homeowners. To relieve some financial burden, the President is cutting the Federal Housing Administration’s fees on refinancing loans for Americans with government-sponsored mortgages. Two to three million Americans could be eligible to save about $1,000 dollars a year under this plan.

The President also announced a series of steps to help homeowners who have served in the Armed Forces. Under the President’s plan:

• Any servicemember whose home was wrongfully foreclosed upon will receive substantial compensation for the bank’s error

• Any member of the Armed Forces who was not allowed to refinance or reduce mortgage payments through lower interest rates will receive a refund for the savings they lost

• Banks will pay $10 million into the Veterans Housing Benefit Program Fund—a program that guarantees loans on favorable terms for servicemembers

These steps will go a long way toward helping millions of Americans regain the security they deserve.