Obama, mortgage help

Mortgage help on the way? / File

President Barack Obama will announce new rules today to help homeowners with little or no equity in their homes refinance to avoid foreclosure, that's according to an administration official.

The new program will apply to those mortgages that are federally guaranteed and to homeowners who are current on their monthly payments. It will cut the cost of refinancing and remove caps for borrowers who are upside down in their loans.

President Obama will promote his new rules during a speech in Las Vegas, the first stop on a three-day West Coast Swing.\

The Associated Press contributed to this story.