President Barack Obama has a plan to help struggling American homeowners stay out of foreclosure.

The new program is called "Making Home Affordable."

The government will spend $75 billion to help as many as 9 million homeowners avoid foreclosure.

Borrowers can change the terms of their mortgage if the loans were made before Jan. 2, 2009.

A single-family home must be worth less than $730,000, and borrowers must provide a signed affidavit of financial hardship.

Critics have said it rewards people who bought homes they knew they couldn't afford.

The government-backed mortgage lenders, Fannie Mae and Freddie Mac, have not yet spelled out how they will implement the plan, and there is concern that any refinancing could carry crippling fees.

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