Ahead of the president's speech in Phoenix on Wednesday, the White House announced the details of its plan to stabilize the nation's housing market and help up to nine million endangered home owners.

"The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly," President Obama will say, according to his prepared remarks, "by refinancing loans for millions of families in traditional mortgages who are underwater or close to it; by modifying loans for families stuck in sub-prime mortgages they can’t afford as a result of skyrocketing interest rates or personal misfortune; and by taking broader steps to keep mortgage rates low so that families can secure loans with affordable monthly payments."

The White House breaks the plan--officially named the Homeowner Affordability and Stability Plan--in to two broad categories:

1. Refinancing for Up to 4 to 5 Million Responsible Homeowners to Make Their Mortgages More Affordable
2. A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners

The first point is aimed at Americans who owe too high a percentage of their mortgages to refinance and will help those "who took out conforming loans owned or guaranteed by Fannie Mae or Freddie Mac to refinance through those two institutions," according to the White House summary.

The White House believes refinancing could reduce mortgage payments by thousands of dollars each year.

The $75 billion "Stability Initiative" is designed to help "those who commit to make reasonable monthly mortgage payments to stay in their homes."

It will fund incentives for lenders and borrowers to lower rates and make payments on time.

"If lenders and homebuyers work together, and the lender agrees to offer rates that the borrower can afford, we’ll make up part of the gap between what the old payments were and what the new payments will be" Obama will say, according to his prepared speech. "And under this plan, lenders who participate will be required to reduce those payments to no more than 31 percent of a borrower’s income."

The White House plan also calls for the Treasury Department to invest $200 billion more in Fannie Mae and Freddie Mac "to ensure the strength and security of the mortgage market." Those funds, the White House announcement says, were authorized by Congress in 2008.

UPDATE: Consumer's Union, the publisher of Consumer Reports, said in a statement that the president's plan would deliver "long overdue help to Americans at risk of losing their homes."

"Banks have gotten billions of dollars in aid from the federal government, but foreclosures still continue at record levels. Now it’s time to use bailout funds and the federal government’s leverage to make sure banks do more to assist homeowners at risk of foreclosure, and this plan appears to do that," said Pam Banks, Policy Counsel for Consumers Union. "This plan offers some hope to Americans struggling to keep their homes in the face of ballooning mortgage payments and declining housing values. It helps both homeowners and their neighborhoods by helping stabilize the value of their properties."