Project Lifeline

Project Lifeline is a Federal plan in concert with lenders designed to help give mortgage-distressed homeowners a chance to contact their lender to see if there may be some way to work out better terms on their mortgage. The goal, of course, is to keep more Americans in their homes despite the fact the market has taken a big "hit" in recent times.

Have a look at the full article using this link.

http://banks.com/blogs/fed/2008/02/12/project-life-line-a-plan-to-help-delinquent-borrowers/

Some big players are involved including Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.

If the plan begins to have some success, other banks will surely follow suit and this lending mess may be cleaned up sooner than later. As always, the success or failure of any plan is in its execution. My hope is that this is far more than a publicity stunt for the Administration and some big market players and that they really intend to follow though.

Homeowners who need this relief should check into this opportunity immediately if your lender is one of those listed above.

We'll all have to wait and see what comes next.