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."
J.P. Morgan, CitiGroup Stop Home Foreclosures (For Now)
Recent in News
Featured in News
If finalized, the maps could lead to high-profile primaries among veteran lawmakers.
Read More In: