Project Lifeline
Saving Houses
Six mortgage servicing companies in partnership with U.S. Treasury Secretary Henry Paulson Jr. and the Department of Housing and Urban Development (HUD) announced the official launch of Project Lifeline today.
Project Lifeline extends the reach of HOPE NOW Alliance's home retention initiative, and a project designed to extend the nation's loss mitigation focus. By reaching to home loan borrowers 90-days or more delinquent on their mortgage payments, and offering at least a 30-day reprieve.
Secretary Paulson and HUD Secretary Alphonso Jackson made the announcement alongside representatives from six participating mortgage servicing companies—all of which represent 50-percent of the mortgage market. The participating servicers include Bank of America (BofA), Citigroup, Countrywide Financial Corp., JP Morgan Chase, Washington Mutual and Wells Fargo.
Project Lifeline is a joke. There is no substance to it, and the involved lenders aren't really doing anything they don't already do. Most lenders already try to work out repayment and reinstatement plans, and banks wait until 3 or 4 payments are missed before filing the notice of default... It's just talk.
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