The Bush Administration today announced a new initiative called “Hope Now” that brings together mortgage lenders, service companies, counseling agencies, investors and large trade organizations.

Starting in November, the program will launch a direct mail campaign and develop a best practice methodology for counseling groups across the nation to ensure speedy loan modifications wherever possible.

According to Treasury Secretary Henry Paulson, 11 of the largest mortgage service companies (representing 60% of all mortgages in the country) have already agreed to join the new coalition. 

“These leaders recognize that by working together, coordinating and scaling up their activities, they will be able to work toward the goal to help more homeowners.”

The HOPE NOW website is up and the initiave is coming on the heels of the FHASecure initiave announced by the Bush Administration in August.