Project Lifeline is an extension of the HOPE NOW Alliance's home retention initiative, and a project designed to extend the nation's loss mitigation focus by reaching out to borrowers who are 90-days or more delinquent on their mortgage payments and offering at least a 30-day reprieve.
"The foreclosure crisis is having a serious economic and social impact on communities across the United States," said Robinson. "Bank of America strongly supports this private enterprise initiative to build upon the efforts of HOPE NOW's previous success in preventing foreclosures."
Treasury Secretary Paulson said Project Lifeline will create a pause in the foreclosure process, allowing delinquent borrowers time to pursue effective solutions. He also said the project extends beyond subprime borrowers and includes all mortgage holders who are at least 90-days delinquent, including Alt-A and prime borrowers.
To get addictional info please refer to the following links:
http://www.hud.gov/news/speeches/2008-02-12.cfm
http://www.ustreas.gov/press/releases/hp820.htm
http://newsroom.bankofamerica.com/index.php?s=press_releases&item=8100
How do you Fill about the subprime break down?
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