Home values in the United States have dropped 33 percent from their 2006 peak. Nearly 11 million Americans now owe more than what their homes are worth. This makes it difficult for them to refinance their mortgages, and take advantage of record low rates. President Barack Obama has announced a plan that would take some pressure off.

Some relief for American homeowners on Wednesday, President Barack Obama proposed a MULTI-billion dollar package that would help homeowners refinance and stave off foreclosure.

Obama said: "As I indicated in the State of the Union last week I am sending Congress a plan that will give every responsible homeowner in America the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates."

The 5 to 10 billion dollar program would be funded through a TAX on the largest banks in the United States hence keeping a lid on the country鈥檚 burgeoning fiscal deficit.

Obama said: "And a small fee on the largest financial institutions will make sure that it doesn鈥檛 add to the deficit."

Stricter lending standards and falling home values have made it difficult for many to refinance but the tax receipts from this program would then turn into government backed bonds hence allowing, "responsible" homeowners, whom have been current on their mortgage payments and with a high credit score to take advantage of the country鈥檚 record low interest rate environment.