In a joint effort to cool the raging foreclosure crisis, six of the nation’s largest mortgage lenders have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.

Efforts to foreclose on seriously delinquent borrowers will be postponed for 30 days while lenders and borrowers try to work out payment options. Known as Project Lifeline, the program will not be confined to borrowers with adjustable rate mortgages.

These ARMs have recorded the highest rates of delinquencies, even as default for loans of all types have risen dramatically over the past couple of years.

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