[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2009/POLITICS/02/17/obama.foreclosures/art.economist.cnn.jpg caption="Economist Peter Morici said $50 billion to $100 billion won't be enough to solve the mortgage crisis."]
(CNN) - President Obama on Wednesday will visit Phoenix, Arizona, one of the cities hardest hit with foreclosures, where he's expected to outline a $50 billion to $100 billion plan to help homeowners.
Though administration officials are tight-lipped about details, one idea that has been floated is for the federal government to reduce monthly mortgage payments by modifying loans.
Sheila Bair, the U.S. FDIC chairwoman, has advocated reducing payments to between 31 and 38 percent of a family's gross income.
"This crisis in housing has devastating consequences, and our government should have moved more forcefully to help contain the damage," Treasury Secretary Timothy Geithner said Monday.
"You're going to learn about [the administration's plan] as the rollout continues," said Jared Bernstein, Vice President Joe Biden's economic advisor.
Bernstein said it will be a "very aggressive plan to help responsible homeowners stay in their homes."