The new Project Lifeline for the mortgage crisis has nothing to do with Project Life Line which is a medical nonprofit or “Project Lifeline provides young adults who have become involved in the juvenile justice system of Cook County, IL.” You would have thought the government and big banks could have checked Google before coming up with a name!

Some people in danger of losing their homes may receive new help through a program announced yesterday. Dubbed “Project Lifeline,” the White House-backed plan calls for six major lenders to voluntarily contact homeowners who are 90 days or more behind on their mortgage payments, and possibly grant a 30-day “pause” in the foreclosure process so a solution can be worked out. The Newsday story continues here.

It seems to me that it is a legitimate acknowledgment of a problem and crisis but I am not sure that is a good solution (I don’t know what is) to the problem. If it only postpones disaster is it worth pursuing?