Beginning this week, homeowners with loans backed by Fannie Mae or Freddie Mac who are at least 90 days behind on payments will receive offers from lenders to lower their mortgage payments. The so-called Streamlined Modification Initiative could impact hundreds of thousands of struggling borrowers. Lenders will either extend the term of the loan or reduce the interest rate -- changes that could mean significant savings for borrowers. And unlike other federal foreclosure prevention efforts, SMI will not need to file loads of documentation. After simply making their adjusted payment for three consecutive months, the modification becomes permanent. "This is a no-brainer and should have been done years ago," according to David Berenbaum of the National Community Reinvestment Coalition, a non-profit focused on fighting foreclosures.