WASHINGTON -- The Bush administration has announced a new initiative that is aimed at helping homeowners about to lose their homes. It puts the foreclosure process on hold for 30 days.

"Project Lifeline is geared at those at real risk of losing their home but who have not addressed the problem," Treasury Secretary Henry Paulson said. "Our hope is with today's announcement, they will immediately reach out for help."

The program was put together by six of the nation's largest financial institutions. These lenders say they will contact homeowners who are 90 or more days overdue on their monthly mortgage payments. They will be given the opportunity to put the foreclosure process on pause for 30 days while the lenders try to work out a way to make the mortgage more affordable to the homeowner.

"No program can bring every struggling homeowner to the process and we can't help those that don't seek help," Paulson said.

Six of the largest mortgage lenders will participate in the plan.

The same banks are taking part in the Hope Now program, which was initiated late last year. That plan freezes rates on some high-cost subprime mortgages for five years.

Consumer groups are skeptical. They claim many borrowers still can't keep up with payments even after loan workouts. The groups claim a full-fledged refinancing at a lower rate would be better for borrowers.