WASHINGTON — Treasury Secretary Henry Paulson and Department of Housing and Urban Development Secretary Alphonso Jackson were joined by mortgage market participants Oct. 10 in announcing a new alliance to strengthen efforts for struggling homeowners.

On Aug. 31, President George W. Bush announced an initiative to help as many Americans as possible keep their homes. He asked Paulson and Jackson to spearhead an effort to identify and help struggling homeowners. Since that time, Treasury and HUD have been meeting with the nation's leading mortgage counselors, mortgage servicers, lenders, investors and other industry experts to explore ideas on how to reach and help as many homeowners as possible.

Paulson noted that many individual lenders are already working to save many borrowers from losing their homes and, at the same time, helping themselves weather the mortgage market downturn. However, he stated, "Only through better integration of their efforts can mortgage counselors and mortgage servicers reach the greatest number of borrowers facing payments they can't meet and only with increased coordination can they be more effective in finding solutions for those homeowners."