U.S President Barack Obama has announced a housing plan to help homeowners struggling to pay their mortgages.

During a speech Wednesday, local time, at a community center in Falls Church, Virginia, Obama called on Congress to draw up measures to buoy the housing market by easing regulations on mortgage refinancing.

The U.S. president plans to secure ten billion U.S. dollars from large financial institutions for the housing proposal.

But political analysts predict the housing plan is unlikely to be realized, as the Republican Party has expressed opposition to it several times.

The plan is considered by some as Obama’s ploy to win the votes of the middle class ahead of the U.S. presidential election in November.