Government plan to help avoid foreclosure

Treasury Secretary Henry Paulson and six major lenders announced a new initiative Tuesday to help "seriously delinquent" homeowners stave off foreclosure. Here are answers to questions about the new effort as well as administration responses to the subprime loan crisis.






Q: What just happened?

A: Project Lifeline will offer a temporary pause of foreclosure proceedings. It is designed to give homeowners time to try to work out a loan modification.

Q: Who is eligible?

A: Project Lifeline is available to subprime, Alt-A and prime borrowers who are at least 90 days behind on a home mortgage with one of the participating lenders or servicers.