Project Lifeline: Bank of America, Citigroup, Countrywide, JP Morgan, Washington Mutual & Wells Fargo

By: Daniel Chubb | February 12, 2008 | 7 Comments

Project Lifeline

With the credit crunch hitting the U.S. hard, a collection of banks are getting together in “Project Lifeline” with the aim of helping US homeowners.

US house prices are getting depressed thanks to unsold homes and six major US banks are about to announce their plans to offer help to US homeowners with their mortgages.

The BBC has said the banks are “Bank of America, Citigroup, Countrywide Financial, JP Morgan Chase, Washington Mutual and Wells Fargo”.

The Housing Department and US Treasury are expected to announce their plans today, which will include homeowners getting 30 days extra to renegotiate their mortgage payments.

Project Lifeline is another project on top of the existing “Hope Now” plan that the six banks are already involved in.

Do you think Project Lifeline could make a major difference to the sliding U.S. economy?

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Tags: Bank of America, Banks, Citigroup, Countrywide Financial, JP Morgan Chase, Project Lifeline, Washington Mutual, Wells Fargo

Derek
I still don’t understand why people who made bad financial decisions are deserving of a federal bailout. If you are so house poor that you can’t afford the payments, you shouldn’t get to stay in a house that you can’t afford. Sell. Eat the loss. Buy a place that you can make the payments on.
Richard Ryberg
If you live in the Greater Houston or Greater Austin area, and you still are facing foreclosure, maybe we can help you too. My husband & I would like to buy a house, as rental property. So email us your name, property address & your daytime & evening phone #’s to us at RRYBERG@WANS.NET
Mateo
As an answer to your comment Derek…..you should bother to find out all the information before you comment. The assistance is for anyone who would be in a financial crisis with their home not just those in the “sub-prime” crisis. Also if you look at the housing market it is not a sellers market because of the amount of homes that are for sale.
Miclael
Yes . I think this will be a great help to a lot of struggling families like myself …
Melissa
This comment is for Derek and all others out there who thinks like him. I am a single mother of one I was approached by a broker who told me he can help get my daughter and myself a home at an affordable price. I was never told my payments would increase after 1 year. I trusted this guy. I always pay my bills on time and I had good credit. Another example my mother also purchased a home 2 years ago. My mom has excellent credit she put down $50,000 down her purchased but still got placed in a bad loan. The company who got her the loan went out of business. Now her payments are $5,6000 a month. Her value on the property isn’t there any more. So before you jugde there are some people out here who are victims.
Josie
to derick. I have a 1 yr old son and a nice small home. I am sure you do not. My husbands plant closed down and he has been looking for for in this dab economy. yes we too deserve help. I this it is a great plan to help people like us.
thank you
http://mystudentloanconsolidation.info/ Michel Gorsky
I just consolidated all my loans into just one. I recommend you do it too. If you have any questions, just reply, I will be back to answer some questions.