In a united front, Bush and 6 top mortgage lenders have proposed a way to try and halt the looming foreclosures facing many homeowners. Titled Project Lifeline, it is for U.S. homeowners who are wanting to stay in their home and work on a process of loan refinancing or modification. The 6 lenders are a part of the Hope Now Alliance (JP Morgan Chase & Co., Countrywide Financial Corp, Washington Mutual Inc, Wells Fargo & Co., Cititgroup Inc., and Bank of America Corp.), and would contact owners that are over 90 days late in their payments, educating them about a procedure allowing them to halt foreclosure for 30 days in order to see if loan modifications could be made. Homeowners with all kinds of home loans would be eligible for the project.

While this is not a guaranteed save, it is a chance to save a person´s home and help our struggling economy. Alphonso Jackson, the Secretary of Housing and Urban Development, says that "One action alone will not solve every problem in the housing market..Rather, a series of incremental steps provide the best chance, maybe the only chance, for serious, on-point solutions that directly address the complex problem we face."

It is hoped that other mortgage lenders will follow trend and become a part of Project Lifeline, allowing more homes to be saved.