This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7240277.stm
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| US banks join mortgage help plan | US banks join mortgage help plan |
| (8 minutes later) | |
| Six major US banks are taking part in an initiative to help homeowners struggling to pay their mortgages. | Six major US banks are taking part in an initiative to help homeowners struggling to pay their mortgages. |
| Bank of America, Citigroup, Countrywide Financial, JP Morgan Chase, Washington Mutual and Wells Fargo are those taking part in "Project Lifeline". | Bank of America, Citigroup, Countrywide Financial, JP Morgan Chase, Washington Mutual and Wells Fargo are those taking part in "Project Lifeline". |
| Backed by the US Treasury Department and Housing Department, people failing to pay their mortgages will have the foreclosure process halted for 30 days. | Backed by the US Treasury Department and Housing Department, people failing to pay their mortgages will have the foreclosure process halted for 30 days. |
| It is hoped that more affordable payments can then be negotiated. | It is hoped that more affordable payments can then be negotiated. |
| 'Way out' | |
| Project Lifeline extends the current assistance available to holders of sub-prime mortgages to those with all forms of home loans. | Project Lifeline extends the current assistance available to holders of sub-prime mortgages to those with all forms of home loans. |
| Project Lifeline is a valuable response, literally a lifeline, for people on the brink of the final steps in foreclosure Housing and Urban Development Secretary Alphonso Jackson | |
| It will be available to those homeowners whose mortgage payments are 90 days or more late. | It will be available to those homeowners whose mortgage payments are 90 days or more late. |
| The six banks taking part service almost 50% of the mortgages in the US. | |
| "Project Lifeline is a valuable response, literally a lifeline, for people on the brink of the final steps in foreclosure," said Housing and Urban Development Secretary Alphonso Jackson. | "Project Lifeline is a valuable response, literally a lifeline, for people on the brink of the final steps in foreclosure," said Housing and Urban Development Secretary Alphonso Jackson. |
| He added that the aim was to provide a temporary pause in the foreclosure process "long enough to find a way out" by allowing homeowners and lenders to negotiate more affordable mortgage payments. | He added that the aim was to provide a temporary pause in the foreclosure process "long enough to find a way out" by allowing homeowners and lenders to negotiate more affordable mortgage payments. |
| Yet Treasury Secretary Henry Paulson cautioned that Project Lifeline would not be a "silver bullet". | |
| He said it was not designed to bail out real estate speculators, "or those who committed fraud during the mortgage process". | |
| The current sub-prime assistance plan is called "Hope Now". | The current sub-prime assistance plan is called "Hope Now". |
| The banks say this has helped 545,000 sub-prime borrowers in the last six months of 2007. | The banks say this has helped 545,000 sub-prime borrowers in the last six months of 2007. |