The plan constructed by six major mortgage lenders to aid homeowners and stem the flow of foreclosures has been met with skepticism by market participants. They are questioning the extent to which the proposal will actually help troubled borrowers.

Announced on Feb. 12, Project Lifeline is designed to help borrowers who are most imminently facing the prospect of losing their homes by temporarily halting the foreclosure proceedings by 30 days. The borrowers, who are 90 days or more delinquent on their mortgage payments, would then have the opportunity to be evaluated for a potential loan modification.

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