Plenty. On August 31, 2007, the President's press secretary announced the President's three steps to help American Families keep their homes:

1. A call on Congress to pass FHA (Federal Housing Administration) Modernization Legislation. This would expand FHA financing and give homeowners more options for refinancing their existing mortgages with federally insured mortgages. A new initiative called FHASecure would help people with good credit who have had trouble making their payments because their interest rates have adjusted higher.

2. A call on Congress to change a provision of the Federal Tax Code so families who are forced to sell their homes for less than what the home is worth are not published. Prior to this change, if a family sold its home for $20,000 less than what's required to pay off the mortgage and the lender forgives that $20,000 shortfall, then that $20,000 would be treated as taxable income. The President's proposal would provide temporary relief, so that the cancellation of mortgage debt would not be taxed.

3. A new foreclosure initiative to assist homeowners in refinancing their way out of foreclosure. The administration is reaching out to groups that offer foreclosure counseling and refinancing, including organizations like NeighborWorks, mortgage lenders and loan servicers, FHA, and government-sponsored enterprises like Fannie Mae and Freddie Mac. This initiative has several goals, including expanding mortgage financing options, identifying homeowners before they face hardships, helping them understand their financing options, and allowing them to find a mortgage product that works for them.

In addition to helping homeowners who are currently having trouble making their monthly mortgage payments, the President is seeking ways to prevent a similar mortgage meltdown in the future. Following are some of the initiatives that are currently being discussed:

• Expanding Truth-In-Lending requirements to ensure borrowers receive complete and accurate information about their mortgages.

• Strengthen mortgage lending standards to prevent lenders from approving loans that consumers cannot afford.

• Implement new rules to make it easier for consumers to comparison shop for loans.

• Support state-based efforts to create comprehensive registration systems for mortgage brokers and loan originators.

• Pursue fraud and predatory lending practices in the mortgage industry.

• Promote financial literacy by educating the public on issues related to mortgage loans.

• Support the efforts of public and private sector groups that are promoting financial literacy and providing foreclosure counseling.

• Explore the possible causes of the mortgage meltdown to prevent it from recurring in the future.

If you're having trouble making your mortgage payments or are worried that you will have trouble making your mortgage payments, take action now:

• Contact your lender immediately to discuss your options.

• Visit HUD.gov or MyMoneyManagement.net to find a HUD (Housing and Urban Development) and DOJ (Department of Justice) approved credit counselor.

The sooner you take action, the more options you have and the more time you have to explore those options.