11:15AM EST: Wall Street extended its decline Wednesday after President Barack Obama released details of his $75 billion mortgage relief plan.

The plan is designed to help stabilize the housing market and reduce foreclosures. Sharp drops in housing prices and sales, coupled with rising foreclosures since the middle of 2007, have been a primary cause of the toughest recession in decades.

Obama’s announcement of the plan comes a day after he signed into law a $787 billion economic stimulus plan he hopes will help revive the economy.

In midmorning trading, the Dow Jones industrial average fell 25.40, or 0.34 percent, to 7,527.20.

Broader stock indicators also slid. The Standard & Poor’s 500 index fell 3.58, or 0.45 percent, to 785.59, and the Nasdaq composite index fell 4.80, or 0.33 percent, to 1,465.86.

(Source: 1010WINS)