Below is a list of key elements of the plan outlined Wednesday by President Obama that aims to aid as many as 9 million households in fending off foreclosures:

• Allows 4 million–5 million homeowners to refinance via government-sponsored mortgage giants Fannie Mae and Freddie Mac.
• Establishes $75 billion fund to reduce homeowners’ monthly payments.
• Develops uniform rules for loan modifications across the mortgage industry.
• Bolsters Fannie and Freddie by buying more of their shares.
• Allows Fannie and Freddie to hold $900 billion in mortgage-backed securities — a $50 billion increase.

Some homeowners who are underwater on their mortgages and those stuck in high-cost subprime loans could soon be eligible for a lower mortgage rate, according to an Obama administration plan announced on Wednesday.

But those in the mortgage industry say they’re waiting on details to discover exactly what the requirements are for a homeowner to be eligible for the new assistance.

The government also plans on continuing the purchase of mortgage securities backed by Freddie Mac and Fannie Mae to keep mortgage rates down, President Obama said in a speech.

WASHINGTON, Feb 6 (Reuters) – U.S. consumer borrowing fell for the third straight month in December, the longest decline since 1991, while November’s record contraction was revised sharply lower, a Federal Reserve report showed on Friday.

The decline was larger than expected as analysts polled by Reuters forecast a $3 billion drop in consumer borrowing for December.

Bankers have done the equivalent of stuffing the mattress in the last few months, despite being prodded by the government to lend the hundreds of billions in cash being pumped into the banking system by the Federal Reserve and other regulators.

They’ve been hoarding cash at the Federal Reserve, some $793 billion of excess reserves as of the end of January, which is more than double the amount of money doled out or pledged to financial companies through the Treasury Department’s $700 billion Troubled Asset Relief Program.

Banks have to stash away a minimal level of reserves, but they can keep extra reserves. Last year at this time, excess reserves totaled $1.7 billion, according to Fed data. Back then, excess reserves were considered uneconomical, since banks could make more profits off lending the money to fellow banks overnight or to clients. But that all changed in October, when the Fed started paying interest.