Several major banks are expanding their efforts to halt home foreclosures while the Obama administration develops its plan to help struggling homeowners.
The White House said President Barack Obama will outline his much-anticipated plan to spend at least $50 billion to prevent foreclosures.
Treasury Secretary Timothy Geithner announced a revised effort to stabilize the financial system on Monday. It contained outlines of a foreclosure-relief effort, however few details.
More than 2.3 million homeowners faced foreclosure proceedings last year, a 81 percent increase from 2007, and analysts say that number could soar as high as 10 million in the coming years, depending on the severity of the recession.
Obama's announcement is expected to include details about how the administration plans to spend at least $50 billion on foreclosure prevention and establish national standards for modifying home loans.
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