Program To Stall Foreclosures To Be Unveiled

Washington, DC, February 12, 2008-- Project Lifeline, a plan to help struggling mortgage holders, will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development.

The plan will allow homeowners to suspend foreclosures for 30 days while lenders try to work out more affordable loan terms.

The pilot program will involve six of the largest mortgage lenders, including Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.

The new plan applies to homeowners whose mortgages are 90 days or more past due.