This week, President Obama laid out a plan to help responsible borrowers refinance their loans and avoid foreclosure. As part of the President's Blueprint for an America Built to Last, homeowners would have access to broad based refinancing opportunities at historically low mortgage rates. The plan, which would save eligible borrowers an average of $3,000 a year, requires Congress to enact a new law. Furthermore, the President's plan would create a Homeowner Bill of Rights, establishing standards to ensure that borrowers are adequately informed about the provisions of their loans and providing protection for families against inappropriate foreclosure. The President's plan is a step in the right direction towards strengthening our nation's housing market, but more must be done.