Project Lifeline, Coming To The UK?
CAN ‘T pay your mortgage:
WASHINGTON — The Bush administration and six major mortgage lenders unveiled their latest response to the continuing turmoil in the housing market, offering to “pause” the foreclosure process for seriously troubled homeowners.
Although the announcement of “Project Lifeline” was couched in tones of optimism, officials cautioned that it is only an incremental step that would not guarantee help for every homeowner facing the loss of their home.
“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. “None of these …
And:
Project Lifeline will indeed help, but not as much as some would like:
The pilot program, dubbed Project Lifeline, is supported by Treasury Secretary Henry Paulson and will further encourage borrower contact as well as broaden Paulson’s moratorium announced in December, 2007, which froze interest rates on certain adjustable-rate mortgages, to include all kinds of home loans. Homeowners won’t qualify for the 30-day-freeze if they are in bankruptcy, if they already have a foreclosure date within 30 days or if the loan was for an investment or vacant property.
Posted: 13th, February 2008 | In: Money Comment (1) | TrackBack | Permalink
