Three major banks announce freeze on foreclosures
on February 13, 2009
This just up on the Washington Post website: Bank of America, JP Morgan Chase and Citigroup have announced a temporary freeze on foreclosures until the beginning of March. The move is a response to President Obama’s indication that he will introduce a plan to allow for loan modifications as a way to keep people in their homes. The new plan will be unveiled next Wednesday.
Clearly, this is big news in the continuing saga of foreclosures in the country. We’ve been covering the topic a bit here on Oakland North (check out this awesome video by Brittney Johnson and *self-promotion alert!* this piece by Elise Craig and myself), but we’re really curious to hear what you’re seeing on the ground. What will this foreclosure moratorium mean for you and your neighbors? What are you hoping to hear in Obama’s plan? My inbox is a-waiting: send me your thoughts at recessionomics@gmail.com
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