Early Criticism for...

...one of the Bush Administration's non-regulatory responses to the housing problems:

The Bush Administration's latest initiative, Project Lifeline, exemplifies its hands-off approach to the workings of the market. In fact, it's not a government program at all. It's a statement of intent by six major lenders—Bank of America (BAC), Citigroup (C), Countrywide Financial (CFC), JPMorgan Chase (JPM), Washington Mutual (WM), and Wells Fargo (WFC)—that they will stop the clock on foreclosure for 30 days for borrowers who are identified by the lenders as good candidates for a home-saving workout. The banks, in the words of a Bank of America press release, "will target severely delinquent borrowers to encourage them to respond to their mortgage servicer and pursue loan modification options."

Obviously, the big question is what, if any, binding effect this "Statement of Intent" has on the participants. Anyone familiar with this type document?