Last month Hope Now created a new program. They take a look -- they took a look at the risks, and they created a program called Project Lifeline, which offers some homeowners facing imminent foreclosure a 30-day extension. The whole purpose is to help people stay in their houses. During this time they can work with their lender. And this grace period has made a difference to a lot of folks.
An interesting statistic that has just been released: Members of the Alliance report that the number of homeowners working out their mortgages is now rising faster than the number entering foreclosure. The program is beginning to work, it's beginning to help. The problem we have is a lot of folks aren't responding to over a million letters sent out to offer them assistance and mortgage counseling. And so one of the tasks we have is to continue to urge our citizens to respond to the help; to pay attention to the notices they get describing how they can find help in refinancing their homes. We got toll-free numbers and websites and mailings, and it's just really important for our citizens to understand that this help is available for them.
We've also taken some other steps that will bring some credibility and confidence to the market. Alphonso Jackson, Secretary of HUD, is proposing a rule that require lenders to provide a standard, easy-to-read summary statements explaining the key elements of mortgage agreements. These mortgage agreements can be pretty frightening to people; I mean, there's a lot of tiny print. And I don't know how many people understood they were buying resets, or not. But one thing is for certain: There needs to be complete transparency. And to the extent that these contracts are too complex, and people made decisions that they just weren't sure they were making, we need to do something about it. We need better confidence amongst those who are purchasing loans.
And secondly, yesterday Hank Paulson announced new recommendations to strengthen oversight of the mortgage industry, and improve the way the credit ratings are determined for securities, and ensure proper risk management at financial institutions. In other words, we've got an active plan to help us get through this rough period. We're always open for new ideas, but there are certain principles that we won't violate. And one of the principles is overreacting by federal law and federal regulation that will have long-term negative effects on our economy.
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