J.P. Morgan, CitiGroup Stop Home Foreclosures (For Now)

J.P. Morgan and Citigroup will not foreclose on homes for a little while, acting on Rep. Barney Frank's suggestion of a foreclosure moratorium earlier this week. According to the AP, J.P. Morgan CEO Jamie Dimon sent a letter of his company's intentions to stop new foreclosures on owner-occupied homes through March 6 while Citigroup will halt their "principle residence" foreclosures till March 12—which is about the time the Obama administration hopes to have clarity on its foreclosure prevention plan. Dimon wrote in his letter, "We stand ready to work with you to put the appropriate processes in place, including a national modification standard, to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages."

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By Jen Chung in News on February 13, 2009 5:41 PM

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NYCSniper

If you wanna fill the tub, you have to put the stopper in the drain.

Future Taliban

"We stand ready to work with you to put the appropriate processes in place, including a national modification standard, to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages."

TRANSLATION

"OK we'll stall all the foreclosure proceedings until you're ready to bail us out of our trillions in losses using taxpayer money that ultimately will fail anyway because we're endemically corrupt & incompetent and no money on EARTH would really be enough to plug the humungous holes we just left in the U.S. national economy"

savedbyzero

chill out.

maybe some of those people are deadbeats but i'm not inclined to think they all are.

and, in my case, it reinforces my concerns about ownership (from this boom/bust and the one in the late 80s) until i have a big downpayment and cushion money. so lets hope everyone learns some lessons...

save some of your venom for the bankers who make the money on these loans....

Future Taliban

Yet ANOTHER REWARD for the DEADBEAT, PENNILESS bastards who knowingly & greedily took out bigger loans than they could afford while RESPONSIBLE people sat-out the speculative bubble.

FVCK the USA.