A Bush-backed industry group, Hope Now Alliance, is expected to deliver a promise today to barely-afloat borrowers: Mortgage companies will speed up the approval process for loan applications, delivering a "yeah" or "nay" within 45 days of receiving said application. Aimed at "clarifying" the mortgage assistance process, the new industry guidelines will hopefully encourage companies that hold second mortgages to agree to the changes. Congress won't back the measure, which it calls "inadequate," and is pushing for a $300 billion relief package; the federal bank remains suspicious of the Hope Now Alliance, too, doubting the accuracy of its data on the subject. Nearly 183,000 borrowers re-tooled their home loans in April. Best of luck to you, folks.
· Lenders Promise to Speed Notice on Mortgage Help [NYT]