Major Banks to Unveil Plan to Freeze Foreclosures

The plan, called Project Lifeline, will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development, said a person familiar with the plan who confirmed earlier news reports about the plan but spoke on condition of anonymity because it had not yet been made public.

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The new plan applies to seriously delinquent homeowners, those whose mortgages are 90 days or more past due.... With home prices falling, even some people with good credit have gotten behind on their payments