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February 20, 2008 | From Reuters
All members of the Hope Now alliance of mortgage lenders and servicers have agreed to adopt guidelines for a 30-day "pause" in foreclosure proceedings to help seriously delinquent borrowers modify their mortgage terms, the alliance and the Treasury said Tuesday. The move expands an initiative announced last week by the top six mortgage lenders to dozens of other companies that represent about 90% of the sub-prime mortgage market and nearly 70% of the entire mortgage market, the Treasury said.
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BUSINESS
February 20, 2008 | From Reuters
All members of the Hope Now alliance of mortgage lenders and servicers have agreed to adopt guidelines for a 30-day "pause" in foreclosure proceedings to help seriously delinquent borrowers modify their mortgage terms, the alliance and the Treasury said Tuesday. The move expands an initiative announced last week by the top six mortgage lenders to dozens of other companies that represent about 90% of the sub-prime mortgage market and nearly 70% of the entire mortgage market, the Treasury said.
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