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WASHINGTON -- President Barack Obama's plan to reduce mortgage foreclosures and help some homewners obtain lower payments through refinancing was greeted enthusiastically by Ohio housing experts said it would ease local foreclosure problems.

While they applauded financial incentives to encourage lenders to refinance loans and reduce homeowners' monthly payments, they felt the plan relies too much on lenders' voluntary cooperation, and doesn't do enough to aid homeowners with loans that exceed the value of their property.

"Frankly, this is more than I thought we'd get," said East Side Organizing Project executive director Mark Seifert

Seifert said the roughly $4,000 in incentives the bill would provide to servicers who refinance loans will have a big impact in the Cleveland area, where many loans are in the $50,000 to $60,000 range.