Lenders unveil effort to reach homeowners facing foreclosure (BizJournals)

Six mortgage servicers, including several of the biggest banks and lenders in the Washington area, announced on Tuesday along with the U.S. Department of the Treasury a program to stave off foreclosure for delinquent borrowers, in an attempt to address the housing industry downturn and subprime market meltdown. (BAC) (C) (CFC) (JPM) (WM) (WFC) more…

Updated at 12:09 p.m. WASHINGTON (AP) – The Bush administration, trying to deal with a worsening housing slump, announced a new initiative Tuesday aimed at helping homeowners about to lose their homes. For qualified homeowners, it will put the foreclosure process on hold for 30 days. more…

WASHINGTON (AP) — Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under a new initiative the Bush administration announced Tuesday. more…

Tags: home equity loan, foreclosure