6 US Lenders Offer Project Lifeline To Homeowners in Foreclosure
Another week, another program announced to help those in foreclosure.
This weeks entry into comes from the private and public sectors as 6 of the major lenders have created Project Lifeline to help those subprime borrowers 90 days or more late on their loans. With how screwed up the management of the loan programs are right now I can not see this being effective.
We all have know that these loans would be a big issue. They were bad loans packaged into financial instruments to spread the risk. Now they are blowing up but the paper trail on who owns what is so complex that trying to work out specific deals are nearly impossible.
Get the feeling that the image on the post is all these fine folks are doing?
Executives from Washington Mutual Inc (WM.N), Bank of America Corp (BAC.N), Wells Fargo & Co (WFC.N), JPMorgan Chase & Co (JPM.N), Citigroup (C.N) and Countrywide Financial Corp (CFC.N) are due to announce the plan on Tuesday morning with U.S. Treasury Secretary Henry Paulson.
A source familiar with the plan said the initiative dovetails with other foreclosure-prevention efforts already under way at many lenders, but said it will give more reassurance to troubled borrowers that they can avoid foreclosure even if they are seriously late with payments. via Reuters.
If you are interested in making money off of the foreclosures that are occuring and that programs like these are probably only going to make worse, get a free trial and see all of the foreclosures in your area.
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