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The nation’s home builders are supporting Project Lifeline, a new program unveiled by the Bush administration to help homeowners avoid foreclosure.
“We appreciate the continuing efforts of the administration to address the mortgage credit crisis and believe that the action that banks and mortgage lenders are pledging to take can make an important difference,” said Brian Catalde, president of the National Association of Home Builders and a home builder from El Segundo, Calif.
Catalde urged Congress to modernize the Federal Housing Administration, reform the housing government-sponsored Fannie Mae and Freddie Mac and pass legislation that will jump-start the housing market.
Project Lifeline will allow overdue homeowners to avoid foreclosures for 30 days while lenders and borrowers try to work out more affordable terms. The plan will involve several mortgage lenders -- Bank of America, Citigroup, Countrywide Financial, JP Morgan Chase & Co. and Washington Mutual.