Treasury Secretary Hank Paulson issued a statement today saying that all members of the so-called Hope-Now Alliance have agreed to a moratorium on foreclosures for 30 days. The list of financial institutions that are part of Hope-Now is significant, as Paulson indicated in his statement, shown below. This could help to limit some of the self-feeding effects of the current mortgage problem:
"I am impressed with the HOPE NOW Alliance's swift adoption of Project Lifeline. Just last week we saw six servicers take the lead and agree to this initiative. Now that all HOPE NOW members have signed on, more than 90% of the subprime servicing market and nearly 70% of the entire mortgage-servicing market is committed to this coordinated method of reaching more homeowners."
Members of Hope-Now (from the Hope-Now website):
American Financial Services Association
American Securitization Forum
Assurant, Inc.
Bank of America
CCCS Atlanta, Inc.
Citigroup, Inc.
Consumer Bankers Association
Consumer Mortgage Coalition
Countrywide Financial Corporation
Fannie Mae
The Financial Services Roundtable
First Horizon National Corporation
Freddie Mac
GMAC ResCap
Homeownership Preservation Foundation
Housing Partnership Network
The Housing Policy Council
HSBC North America Holdings, Inc.
JPMorgan Chase & Co
National City
NeighborWorks America
Mortgage Bankers Association
Option One Mortgage
PMI Mortgage Insurance Co.
Securities Industry and Financial
Markets Association
State Farm Insurance Companies
SunTrust Mortgage, Inc.
Washington Mutual, Inc.
Wells Fargo & Company
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Tony Crescenzi is the chief bond market strategist at Miller Tabak + Co., LLC, and advises many of the nation's top institutional investors on issues related to the bond market, the economy and other macro-related issues. At the request of the Federal Reserve, Crescenzi is a regular participant in the board's Livingston Survey of economic forecasters. He is also the author of the revised investment classic, The Money Market,
first published in 1978 by Marcia Stigum, and The Strategic Bond Investor. At the time of publication, Crescenzi or Miller Tabak had no positions in the securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Crescenzi also is the founder of Bondtalk.com, a popular Web site covering the bond market and the economy. Crescenzi appreciates your feedback; click here to send him an email.
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