( 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 . Economist Peter Morici said $ 50 billion to $ 100 billion wo n't be enough to solve the mortgage crisis . 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 . '' In Phoenix , the median home price is $ 150,000 -- a significant dip from its peak of $ 262,000 in recent years . The national rate of foreclosure increased by 79 percent between December 2006 and December 2007 , according to RealtyTrac , a company that compiles data on home foreclosures . Foreclosure filings -- default notices , auction sale notices and bank repossessions -- continued to climb in January , though at a slower pace than the month before , according to RealtyTrac . That was still 18 percent higher than in January 2008 . `` It 's really a toxic mix of higher than anticipated prices on monthly payments combined with house values that have dropped makes it impossible for people to refinance or sell their homes , '' said RealtyTrac Vice President Rick Sharga . Some economists praise federal intervention in the housing crisis . `` You cut down on the ratio to make [ home ownership ] more affordable , '' said Anthony Sanders , a professor of finance and real estate at Arizona State University . But Sanders cautioned that the president 's plan will likely only make a dent in the problem . `` Fifty billion is a good place to start but I 'm just saying right now it 's not enough , '' he said . `` It 'll be enough to save Kansas where they really do n't have big negative equity problems . '' Economist Peter Morici , of the University of Maryland , agrees with Sanders . `` We are likely looking at a trillion dollars in mortgage losses before it 's all over , '' he said . `` And putting $ 50 [ billion ] to $ 100 billion in is not going to solve the problem . '' Today is a game of payback for yesterday , said Phillip Robinson , a foreclosure attorney who has been quite busy lately . `` We lived in a culture the last 10 years where mortgage originators said you could use your house as a credit card to pay off your cars , to pay off your credit card bills , '' he said . `` Well , that does n't exist anymore . '' CNN 's Mary Snow and Jim Acosta contributed to this report .
Plan is expected to help reduce mortgage payments by modifying loans . Comment: Economists say that amount may help , but it 's not enough to save housing crisis .