I would wait until Wednesday to see what the president offers and be careful that we don't set an unreasonable series of expectations based on leaks from God only knows where,' Mr Gibbs said.
A Reuters report on Thursday of the Obama administration's mortgage plans triggered a US stock market rally. On Friday, talk of Mr Obama's plan initially lifted stocks, but Mr Gibbs' cautionary statements pushed the market lower, analysts said.
Foreclosures have skyrocketed during the mortgage crisis.
A total of 8.1 million homes, or 16 per cent of all households with mortgages, could fall into foreclosure by 2012, according to a Credit Suisse report in December.
The National Association of Realtors said on Thursday that sales of foreclosed homes helped drag the median price of existing homes to its lowest level since 2003.
US Treasury Secretary Timothy Geithner on Feb 10 had announced a plan to stabilise the financial system, which includes US$50 billion of assistance to 'prevent avoidable foreclosures' of middle-class homes occupied by their owners, according to a document Mr Geithner released.
Bank of America Corp (BOA), Citigroup, Fannie Mae, Freddie Mac, Goldman Sachs, JPMorgan Chase & Co, Morgan Stanley and Wells Fargo & Co all said on Friday they had stopped putting any new mortgages into foreclosure until they have more details about the program.
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