Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Project Lifeline is a few feet too short


The Bush Administration keeps attempting half-fast solutions to a fast-moving problem: foreclosures. The latest is Project Lifeline, a voluntary agreement by six big lenders to consider granting 30-day grace periods on foreclosure proceedings against people who are 90 days or more delinquent on their mortgages. Here’s what Treasury Secretary Henry Paulson (pictured) said about it on Tuesday.

The extra month is supposed to give time to work out a loan modification, but there’s no assurance that it will make any real difference.

Sen. Richard Durbin of Illinois, a member of the Democratic leadership, dissed Project Lifeline, according to an article in CQ Today:

“Homeowners at risk of foreclosure are floating 50 feet from shore while Project Lifeline throws them a 30-foot rope. We need a plan that goes further.”

The six lenders, by the way, account for about half of mortgages. They are Bank of America, Citigroup, Countrywide Finance, JPMorgan Chase, Washington Mutual, and Wells Fargo.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus