Foreclosures - Project Lifeline
I was thrilled to see the Federal Government unveil Project Lifeline, a program to help deal with the foreclosure crisis that delivers most of what the Minneapolis City Council asked for last month: a 30-day freeze on foreclosures and a commitment to find more affordable loans for folks in trouble.
It's good to see that Minneapolis-based lender Wells Fargo is one of the six major lenders to have signed on to this program. They deserve credit for taking this bold, constructive step. I said in a previous post on this topic that I hoped lenders would listen to the Council's plea, and it's incredibly heartening that they did.
I'm proud that the Council went on record supporting this action - the Council majority has been proven both prescient and reasonable in asking for lenders to take this action.
Lastly, it's not often that I agree with anything done by the Bush Administration, but they should be given credit for helping broker this agreement with these major lenders.