Government And Lenders Join Forces To Fight Foreclosures
Posted on February 19, 2008 at 9:53 amGovernment leaders and lenders are working together to help to all homeowners at risk of foreclosure, not just those with subprime loans.
A program called Project Lifeline would allow seriously overdue homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.
Six of the largest lenders will participate in the plan.
The same banks are taking part in the Hope Now program which was initiated late last year. That plan freezes rates on some high-cost subprime mortgages for five years. Read the story
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Lenders offer a relief in foreclosures, will it help?
Posted on February 19, 2008 at 8:21 amThe Bush administration has offered a hold on foreclosures to stem the widening housing crisis, with the help of several major lenders, including Wells Fargo. But the latest figures from 2007 show foreclosures in major urban areas increased nearly 80 percent last year, and local foreclosures continue to rise.
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