Lenders Offer Plan to Head Off Foreclosures

Unlike previous government-led efforts, the plan will apply to all borrowers, not just those with subprime mortgages. The participants — Bank of America, Citigroup, Countrywide Financial, JPMorgan Chase, Washington Mutual and Wells Fargo — pledged to contact qualifying borrowers with further information through the mail.New loan arrangements would be worked out on an individual basis, officials said.