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The US Treasury Secretary Henry Paulson announced overnight an urgent plan to assist struggling US homeowners who are at immediate risk of losing their homes.
‘Project Lifeline’, supported by six of the country’s largest lenders including JPMorgan Chase & Co. and Citigroup, will reach out to all borrowers in default of 90 days or more.
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Letters will be sent to those borrowers, offering the opportunity to request an assessment of their pay options by the lenders.
For some qualified borrowers, it could mean putting the foreclosure process on hold for up to 30 days.
Published: 13-02-08
