Six U.S. Banks Plan New Efforts to Stem Foreclosures

Bank of America Corp., Citigroup Inc. and four other lenders will announce new steps tomorrow to help borrowers in danger of default stay in their homes, according to three people familiar with the plans.

The banks will offer, on a case-by-case basis, a 30-day freeze on foreclosures while loan modifications are considered, two people said on condition of anonymity. The initiative will apply to customers who are 90 days or more late on their loan payments and include prime borrowers, as well as those with poorer credit histories.

The move follows pressure from Treasury Secretary Henry Paulson, who last week urged lenders to follow through on earlier pledges to modify loans. Democrats in Congress at hearings the past two weeks called for stronger actions, complaining that the number of homeowners receiving relief so far has been insufficient to avoid a wave of foreclosures.

``There is this huge disconnect between what is being represented by the industry and what is being experienced on the ground,'' said Kevin Stein, associate director of the California Reinvestment Coalition, a San Francisco-based housing activist group. ``Borrowers are falling through the cracks while more and more of these press releases come out. It's clearly not enough.''

JPMorgan Chase & Co., Wells Fargo & Co., Washington Mutual Inc. and Countrywide Financial Corp. will also participate, the two people said. All six are members of Hope Now, the alliance of lenders, servicers and counselors formed last year to head off a surge of foreclosures.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a49qI9Pv1Bx4&refer=home

 

6 times 0 = 0

 

1) Cooperative measures fall apart during bear markets.
2) Suss---Did you buy the Aston-Martin with your bonus?

 

No Aston-Martin, Maseratti Quattroporte...;=))

 

What an ironic name. Wonder what party is 'hoping' more desperately... the lenders or the homeowners.

 

and they dubbed it "Project Lifeline"

that's gonna be one hell of a rope needed.

 

why do i think that lifeline is going to be used as a noose.

 

Every tool in the manual to shore up the economy has been thrown at us. Yet these ungrateful bastards cannot appreciate they live in such a great country where their country has done so much for them.

I ask these negative losers what have you done for your country?

(They will show you a dour face and a yellow behind and go pout and sulk in a corner ).

 

All you have to do in America, not pay your mortgage and you would be amply rewarded for that, YES?

 

What is the benefit of letting people fail? They just learned the short lesson on real estate finance. We'll be bailing them out and off the street. Same price, maybe more.