The News About Project Lifeline

Six of the top US Banks are banding together to help homeowners in an effort they are calling Project Lifeline. Job losses and the credit crunch has made it hard for homeowners to keep up with their mortgages forcing them into a foreclosure situation.

Project Lifeline will help homeowners to get more affordable deals that will delay foreclosures and improve their payment situation. The banks behind Project Lifeline are Bank of America, Citigroup, Countrywide, JP Morgan, Washington Mutual and Wells Fargo. The six banks are also a part of a plan called “Hope Now” which is also designed to help homeowners by having major lenders agree to voluntarily freeze low-cost teaser rates on some subprime adjustable-rate mortgages for five extra years.

It’s good to see banks trying to help people and being part of the solution instead of being part of the problem.

That’s the news about that. I hope the news about you is good news.

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