Bank of America and five other major lenders are widening their effort to help borrowers of all loans and let overdue homeowners suspend foreclosures for 30 days while more affordable loans are worked out.
A person familiar with the plan said Tuesday the Treasury Department and the Department of Housing and Urban Development will announce Project Lifeline on Tuesday. The person spoke on condition of anonymity because it had not yet been made public.
The plan will initially involve North Carolina-based Bank of America Corp., Citigroup Inc., Countrywide Financial Corp., JPMorgan Chase & Co., Washington Mutual Inc. and Wells Fargo & Co.
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