Bush Administration Announces Plan to Put Foreclosure Process on Hold for 30 Days - KAIT Jonesboro, AR - Region 8 News, weather, sports

Bush Administration Announces Plan to Put Foreclosure Process on Hold for 30 Days

WASHINGTON (KAIT) - The Bush Administration has announced a plan to suspend home foreclosures for 30 days.

The plan, known as Project Lifeline, will allow overdue homeowners to suspend foreclosures for 30 days while trying to work out more affordable terms with lenders.

"Project Lifeline has the potential to offer new solutions to responsible, able homeowners who want to keep their homes," Treasury Secretary Henry Paulson said.

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