It’s NOT official, but today we’re expecting an announcement of ‘Project Lifeline’. These titles really are timeless huh? Back to the news, the new plan proposes to put a suspension on foreclosures (I refuse to use the word ‘freeze’ anymore). Project Lifeline will have these banks participating: Bank of America, Citigroup, Countrywide, JPMorgan Chase, Washington Mutual and Wells Fargo.
This new plan is targeted at helping homeowners that are seriously delinquent on their mortgage (90 days past due or more). The plan is being announced by the Treasury Department and the Department of Housing and Urban Development (HUD) later on today.
It looks as though the suspension will give lenders an opportunity to review the current terms of the mortgage. They will then modify them with the goal being to make them repayable by the borrowers. Yes, again… the lenders want to continue being in the debt collection business and not real estate management business.
If you haven’t read the news already:
Warren Buffett is looking to help out bond insurers with $800 Billion.
GM Reported $722 Million Loss this morning.
Mortgage rates are hurting pretty bad this morning…. worsening as much as .25% from yesterday. I told you the technical factors would still have a big play.. Watch for Retail Sales numbers come out tomorrow. On the left bar you’ll see my Twitter updates (quick market updates). Always feel free to follow me, and you’ll get this stuff as soon as I think of it 😉
