WASHINGTON (AP) - Bank of America and five other major lenders
are widening their effort to help borrowers and let overdue
homeowners suspend foreclosures for 30 days while more affordable
loans are worked out.
A person familiar with the plan says the Treasury Department and
the Department of Housing and Urban Development will announce
Project Lifeline today. The person spoke on condition of anonymity
because it had not yet been made public.
The plan will initially involve Charlotte-based Bank of America,
Citigroup, Countrywide Financial, JPMorgan Chase, Washington Mutual
and Wells Fargo.
All six lenders are involved in Hope Now, an effort the Bush
administration brokered with the mortgage industry late last year
to freeze rates on some high-cost subprime mortgages for five
years.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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Bank of America, 5 other lenders offer broader mortgage plan
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Published: February 12, 2008
Published: February 12, 2008
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