Project Lifeline? Hahaha. Yeah. If you wait for the boat to sink and the passengers to drown, what’s the point of throwing in a lifeline?

Six top mortgage companies on Tuesday launched a new program aimed at staving off foreclosure for seriously delinquent borrowers in the hopes that new, more affordable loan terms can be worked out.

“Project Lifeline,” backed by the U.S. Treasury and Department of Housing and Urban Development, would pause foreclosure proceedings for borrowers more than 90 days in arrears while servicers determine whether they could make payments under new terms, the lenders said in a statement.

While it’s nice to think they are trying to help homeowners keep their homes, they’re really just making sure the government doesn’t start regulating the hell out of them.

Think about it. If they help ma and pa who are in a subprime mortgage by allowing them to refinance into a traditional fixed rate mortage, how are ma and pa going to pay that higher mortgage? They couldn’t afford the interest only they were paying in the first place.

Pay no attention to the window dressing, look inside for the real picture.

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