Feds, lenders offer broader plan to help with foreclosures

[Amerigo Vespucci]

Source: CNN

WASHINGTON (CNN) -- The Bush administration Tuesday announced an expanded plan for lenders to help homeowners by temporarily suspending foreclosures for people facing the imminent loss of a home.

The plan, called Project Lifeline, will allow overdue homeowners to suspend foreclosures for 30 days while they try to work out more affordable terms with lenders.

It involves major lenders who have agreed to widen their effort to help borrowers.

"Project Lifeline has the potential to offer new solutions to responsible, able homeowners who want to keep their homes," Treasury Secretary Henry Paulson told reporters Tuesday.

Read more: http://www.cnn.com/2008/POLITICS/02/12/foreclosures/index.html

[sarcasmo]

1. I think the only real help for most people would be Jobs!

[underpants]

2. Project Lifeline - Hope Now - The Hope Now alliance

Nice names

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2851693&mesg_id=2851693

[Amerigo Vespucci]

3. They'll be even better when...

...Junior holds a press conference to discuss them while standing under a giant banner that reads

"Hope"

...because that boy does love his banners.

:eyes:

[CGowen]

4. Bush To Put 30-Day Freeze On Foreclosures

Source: AP/CBS

(CBS/AP) The Bush administration, trying to deal with a worsening housing slump, announced a new initiative Tuesday aimed at helping homeowners about to lose their homes. For qualified homeowners, it will put the foreclosure process on hold for 30 days.

Dubbed "Project Lifeline," the new program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus on previous relief efforts.

The program was put together by six of the nation's largest financial institutions, which service almost 50 percent of the nation's mortgages.

These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner.

...

Read more: http://www.cbsnews.com/stories/2008/02/12/business/main3821155.shtml

[aquart]

5. Which they could have done anyway, right?

[Sen. Walter Sobchak]

6. how does this help?

A $200,000 house with a $400,000 mortgage is still a $200,000 house with a $400,000 mortgage.

Give the bank the house and run like hell,

[elehhhhna]

7. the BANKS came up w/ this, not the BA. What a pantload.

[rasputin1952]

15. Precisely...the last thing they want to do is be saddled w/$200G

houses they can't unload.

FWIW, every bank in the country could just say..."We'll forgive a month or two in payments while we work this out"...that would give them a loss upfront, but they would make it up over time.

I don't expect to see that though...the only reason thy're coming up w/30 days, is so that people don't abandon their homes and leave the banks holding property that has gone down dramatically in real worth.

And bush had NOTHING to do w/this, he's just a barker, trying to do something for his "legacy".

[Historic NY]

8. Yawn, so you delay the inevitable for 30 days, the court

would do the same thing if asked. So now the homeowner get to stay there another 30 days. If you can't pay in the first, your not going to make it in the last. Shell game tactics no real solutions.

[louis-t]

9. In the grand scheme of things, 30 days won't help.

Note the phrase "qualified homeowners". Guess how many will qualify? Remember, it's more important for shithead to LOOK like he's doing something, than it is for him to actually DO something.

[jody]

10. Just protecting the banks profits. n/t

[flvegan]

11. I've already seen "Project Lifeline" used as a defense in a foreclosure (Florida).

The lawyers are laughing at it.

I'd love to see this work, tbh.

[Ian David]

12. This makes THREE things Bush has done right during his Occupancy

1) The Do-Not-Call Registry
2) The Foreclosure Pause
3) Banning Cockfighting

[CGowen]

13. I missed the cockfighting n/t

[mahatmakanejeeves]

16. I love that picture.

I used a thumbnail of that as my avatar around Thanksgiving.

[OneBlueSky]

14. sticking his dick in the hole in the dam . . . n/t

[lonestarnot]

17. So what's broader? Looks like the same crap to me.