"Project Lifeline," backed by the U.S. Treasury and Department of Housing and Urban Development, would pause foreclosure proceedings for borrowers more than 90 days in arrears while services determine whether they could make payments under new terms, the lenders said in a statement.
The effort would cover all types of home loans, unlike an earlier plan aimed at freezing interest rates for subprime mortgage holders who cannot afford rates that reset to higher levels.
Watch video, and read more as the plan is announced in greater detail throughout the day.
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