Paulson released a statement today on how pleased he is with the Hope Now Alliance's swift adaptation of the new Project LifeLine and similar initiatives. He states that nearly 70% of all mortgage servicers have signed on and support the initiative. Paulson remained positive and stated he looked forward to seeing the reports from these mortgage companies on how many people they have helped.

However not all homeowners have been welcomed with open arms. Many people report that despite the fact that their bank is listed as a member of Hope Now or a member bank in Project LifeLine that they are still not getting the help they need or often times the lenders are suggesting a reworked mortgage with payments in some cases close to double what the homeowner was paying.

As a result we predict that the housing markets will continue downward despite more promised rate decreases simply because the root problem of correcting predatory mortgages has still not been addressed correctly. What is needed in our opinion is a FHA program that would buy your mortgage and provide homeowners with a 30 year fixed payment based on the current low rates. That would have much further benefit to the average American homeowner then trying to fight with a bank that does not listen.