CNN: HUD Secretary Donovan says FHA to roll out refinancing plan to help underwater borrowers

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CNN Transcript: Shaun Donovan on "State of the Union"

But, as you say, what American families are concerned about today if they're at risk of losing their home, or even if they're concerned about what's going to happen in the equity in their home, is the future. And in July, we all expected the home sales numbers to go down as a result of the end of the tax credit, but they were clearly worse than we expected.

And so, in addition to the tools we already have in our toolbox, we're going to be launching in the next few weeks two additional tools that are critical. One is we're going to be rolling out an FHA refinancing effort to help borrowers who are under water in their homes get above water. And, second, we're launching an emergency homeowners' loan program for unemployed borrowers to be able to stay in their homes.

http://thepage.time.com/transcript-shaun-donovan-on-state-of-the-union/