Announced yesterday by the US Treasury secretary.
I don't post whole articles as it takes up too much space and bandwidth.
But a couple of snippets
The initiative, called Project Lifeline, targets homeowners who are 90 days or more behind on their mortgage payments and offers them a 30-day "pause" in the foreclosure process.
Christopher Dodd, senate banking committee chairman, last month proposed the establishment of a federal entity that would buy outstanding, near-delinquent mortgages at steep discounts and transfer the discount to homeowners through new, lower-balance loans.
Project Lifeline involves Bank of America, JP Morgan Chase, Citigroup, Countrywide, Washington Mutual and Wells Fargo. It includes borrowers with better credit histories than those typically locked into subprime mortgages - a sign the administration is concerned about resets affecting "alt-A" loans, which do not require full documentation, as well.Mr Paulson said Project Lifeline was aimed at homeowners "who face a real risk of losing their home, but have not yet addressed the problem". It was "just one of the many steps" that the administration had planned since Hope Now. ("emphasis added.")
And the "not yet addressed the problem" is not necessarily ignoriing the problem but as discussed recently in another subject, was that by the time a victim realizes that there is a problem its too late.