Project Lifeline

Project Lifeline News

Topix.net: Project Lifeline
Google News: Project Lifeline
MarketWatch: Stop the foreclosure: Lenders agree to slow down process (February 12, 2008)
- "Lehman Brothers has estimated that about 2.8 million subprime mortgages will reset this year and next at a rate that is 30% higher than the so-called "teaser" rate."
CNNMoney.com: Major lenders put freeze on foreclosures (February 12, 2008)
- "'No program can bring every struggling borrower into the counseling and evaluation process, and we cannot help those who choose not to honor their obligations,' said Treasury Secretary Henry Paulson."
Times Online: US homeowners win a 30-day reprive on mortgage payments (February 12, 2008)
- "The plan was put together by six of America's largest mortgage lenders, responsible for more than 50 per cent of the country's mortgages who said they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments."
WSJ.com: Paulson Announces Housing Plan (February 12, 2008)
- "The program is for U.S. families who want to and can stay in their homes through a loan modification or refinancing, said Mr. Paulson, adding that it isn't meant to bail out real-estate speculators or those who committed fraud during the mortgage process."
ABC News: Help on the Way: Delinquent Homeowners Get Their 'Lifeline' (February 12, 2008)

Project Lifeline Blogs and Commentaries

Google Blog Search: Project Lifeline
BloggingStocks: Newspaper wrap-up: Lenders may form Project Lifeline to help borrowers (February 12, 2008)
Minyanville: Borrowers Thrown New Lifeline (February 12, 2008)

Related Searches

2008 Recession | George W. Bush | High-Risk Mortgages | Countrywide Foreclosures | Subprime Mortgage Bailout | Subprime Mortgage Crisis

Project Lifeline is currently a stub, a brief collection of the best links for this story. The page will be updated as we find more information.
Help Mahalo complete this search! Let us know if you've found additional quality links about Project Lifeline on Google, Del.icio.us, Digg or elsewhere, and we can expand this result.

Guide Note:

Project Lifeline was brought forth by the U.S. Treasury, the Housing and Urban Development and major U.S. lenders. The proposal was in order to home foreclosures in the U.S. The initiative started in February 2008 and stopped foreclosure proceedings on homeowners who were seriously delinquent on their mortgages. United States Secretary of the Treasury, Henry Paulson stated, "Project Lifeline is aimed at homeowners who face a real risk of losing their home but have not yet addressed the problem," Paulson said. "For whatever reasons they have not yet taken action. Our hope is that today's announcement will reach them and they will reach out immediately for help, especially now that the foreclosure process is upon them."¹

Fast Facts:

Seriously delinquent means 90 days past due on mortgage payments
Grants seriously delinquent loan-holder 30 extra days
Seriously delinquent loans (U.S.): 1.3 million¹
Subprime rate increase, after the two to three year teaser rate expired, resulted in a 30% increase in mortgage payments¹
Participating lenders are: JPMorgan Chase, Wells Fargo & Co., Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., and Washington Mutual Inc.
The participating lenders represent nearly 50% of the mortgage market¹

Edit Guide Note and Fast Facts
View Note History