MIAMI -- On Tuesday, the United States goverment and the nation's fourth largest lender, Citigroup, announced help for homeowners who are struggling in the nation's mortgage crisis.

The Federal Housing Finance Agency, which controls Fannie Mae and Freddie Mac, is reaching out with a plan to keep people from losing their primary homes.

The plan, which goes into effect on Dec. 15, aims to help homeowners who are already in the foreclosure process, get fixed rates they can afford. The program offers either a reduction in principal or interest rates, or a loan extension to lower monthly payments.

Federal Housing Administration Commissioner Brian Montgomery said it's still up to homeowners to pay what they owe.

"This is not loan forgiveness. These are terms that are affordable to borrowers," Montgomery said.

Citigroup is also taking steps to help the half million of their clients who are current on their mortgage payments, but may face a future financial crisis.

The company is halting foreclosures and urging borrowers to call if they face job cuts or any other loss of income.

"We are reaching out to those homeowners before they run into trouble, before they become delinquent," Citigroup's Eric Eve told Local 10.

Miami mortgage broker Grant Stern said it's a great move. Due to the housing market's downturn, many of his clients, like homeowners throughout Florida, owe more on their homes than what they are worth.

"When I tell homeowners it's not their fault, I can hear the relief in their voice. They realize they're not in it by themselves," Stern said.

Financial experts believe these plans will offer relief to some, but they won't bail out everyone facing foreclosure.