President Barack Obama on Wednesday called on Congress to approve a $5 billion to $10 billion effort to help U.S. homeowners refinance as part of a wider package of proposals to shore up the depressed housing market, Reuters reportd. Obama had sketched out the proposals in his State of the Union address last week, including a tax on banks to pay for the plan that Republicans quickly rejected. The White House offered more details on Wednesday ahead of a speech by Obama to expand on his initiative. The White House said the refinance program would be run by the Federal Housing Administration. -- SPA
