The president of the Bank of America (BoA) Consumer Insurance and Real Estate Services Group Bank of America, Floyd Robinson, appeared yesterday with US Housing and Urban Development (HUD) Secretary Alphonso Jackson and Treasury Secretary Hank Paulson to express support for Project Lifeline.

Project Lifeline is a new government initiative that will improve outreach efforts to severely delinquent borrowers by encouraging them to respond to their mortgage providers. It will also explore and pursue some loan modification options.

According to Robinson, the foreclosure crisis has serious social and economic impact on communities throughout the United States and so the Bank of America strongly supports this initiative. He said that the bank wants homeowners who face foreclosure to take the first step and reach out to their mortgage servicer or housing counselor so that they can start a recovery plan.

Robinson explained that BoA saw Project Lifeline as a national approach of looking at the situations of American homeowners individually. He said that with this, they can make sure they stop the clock on foreclosure long enough to finish the loan modification process in cases where it is possible to do so.

The Bank of America is not alone in this endeavor. Project Lifeline is directly supported by JP Morgan Chase, Wells Fargo, Washington Mutual, Countrywide and Citigroup. All six mortgage servicers are part of the Hope Now Alliance, which consists of 25 servicers across America.

Hope Now is a cooperative effort between private companies and the government, whose focus has always been on helping homeowners who may not be able to pay their mortgages. If you enjoy reading this article, you'll surely be interested in learning how to save a home from foreclosure.