All Hope Now Members Adopt 'Lifeline'

All the members of the Hope Now alliance have adopted the "Project Lifeline" approach focused on helping prime and subprime borrowers who are 90-days past due avoid foreclosure, according to the Treasury Department. Six alliance members endorsed the expanded Hope Now effort last week, and now the rest of the alliance servicers, including GMAC ResCap and HSBC North American Holdings Inc., have signed up for Project Lifeline. "Now that all the Hope Alliance members have signed on, more than 90% of the subprime servicing market and nearly 70% of the entire mortgage servicing market is committed to this coordinated method of reaching more homeowners," Treasury Secretary Henry Paulson said.