Six of the nations largest mortgage lenders have agreed to temporarily halt home foreclosures and help home owners in the foreclosure process to work out a repayment plan. The lenders will pro actively contact home owners who have fallen more than 90 days past due on their mortgage to work on a repayment plan. With over a million properties that are in a foreclosure status on the market this is welcome news for the ailing housing industry. The lenders including Washington Mutual and Citigroup are also likely to benefit in the long run if they can slow down the rate of property foreclosures and work towards stabilizing home prices to begin fixing the overall real estate market. Secretary Robert Paulson was a key figure in getting the lenders to agree to this historic move as the government has begun stepping up its efforts to help fix the housing industry and save the economy from a free fall recession.

2-12-2008©LowRateMortgage.com

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