First, this is absolutely great news in our opinion.  Project Lifeline that is being rolled out by six major banks.  The program will take people who are 60 days or more deliquent and halt the foreclosure process.  They will then work with them to identify new loan terms that both the individual and the bank can live with.  This is HUGE in our opinion.  You combine this with money in their pockets from the stimulus and we could be coming out of this in the 2nd half of this year.  Just maybe.

Treasury Secretary Paulson will announce this plan with the biggest of the big.  Citigroup, JP Morgan, Washington Mutual, Countrywide Financial, Bank of America, and Wells Fargo.

Everyone, these companies represent the majority of all mortgages.  This is very exciting.  This has us more optimistic than we have been in a long time.  This impacts the consumer.  This impacts financial institutions confidence.  If we can solve the bond insurer issue in the next few weeks also we could start to pull this plane out of the dive. 

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