WASHINGTON — President Obama announced an initiative Tuesday with several large banks and mortgage servicers designed to make it easier for members of the military and their families to lower their mortgage payments.

The initiative, which includes participation by Wells Fargo, Citigroup, Bank of America, Ocwen Loan Servicing and Quicken Loans, is meant to help service members obtain interest rate reductions on their mortgages. While military personnel are already entitled to such breaks under the Servicemembers Civil Relief Act of 2003, "many do not exercise these important rights," the White House said.

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