In a move to further help out struggling homeowners, Fannie Mae and Freddie Mac unveiled a plan to cut payments for hundreds of thousands of struggling homeowners. Under the plan, homeowners who are spending more then 38 percent of their income on monthly payments could have their monthly payments reduced. Currently, Fannie Mae and Freddie Mac insure nearly 31 million mortgages, nearly 58 percent of all U.S. home loans.