Project lifeline
A big announcement is expected from the top six mortgage lenders in USA – an announcement of a plan to stop borrowers in danger of defaulting on loans from losing their homes.
How’s this plan called? Project Lifeline.
The top lenders, which include Bank of America and Citigroup, are expected to offer a 30-day freeze on foreclosures, this would help loan refinancing. The announcement is supposedly today in Washington at 4:15 GMT.
The name “Project Lifeline” is given because it will give the lender’s customers a lifeline in case they can’t afford to make the payments.
This is all responding to the hard times the Us economy is having this year. Barney Frank, the Massachusetts Democrat who heads the House Financial Services Committee, said yesterday: “We are now in the midst of one of the most serious economic crises we have seen in recent years.”
Let’s hope this is a true move to help people.