President Obama stated that the Federal Housing Administration will take away upfront fees for refinanced loans it already insures.

Borrowers whose FHA loans were issued prior June 1, 2009 can take advantage of this new plan. An estimated 2 to 3 million borrowers could utilize these savings, which could reduce mortgage payments for the typical FHA borrower by roughly a thousand dollars a year, according to the administration.

"It's like another tax cut in people's pockets," said President Obama.