Feb. 12 (Bloomberg) -- Bank of America Corp., Citigroup Inc. and four other U.S. lenders announced new steps to help borrowers in danger of foreclosure stay in their homes.
Treasury Secretary Henry Paulson and the banks offered a 30-day freeze on some foreclosures while loan modifications are considered. Paulson and U.S. Housing and Urban Development Secretary Alphonso Jackson said today at a news conference in Washington that ``Project Lifeline'' would help stabilize communities disrupted by mortgage defaults.
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JPMorgan Chase & Co., Wells Fargo & Co., Washington Mutual Inc. and Countrywide Financial Corp. will also participate in the plan. All six are members of Hope Now, the alliance of lenders, trade groups and counselors formed last year to head off a surge of foreclosures by identifying and working with borrowers struggling to meet higher payments.
