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Banks Agree To Foreclosure Moratoriums Until Obama Details Housing Plan

Monday, February 16, 2009
David Goodhue - AHN Reporter Miami, FL (AHN) - Some major U.S. banks have halted foreclosure proceedings until President Barack Obama unveils the details of his $50-billion plan to keep more people from losing their homes.
JPMorgan Chase & Co., Morgan Stanley, Citigroup Inc., Wells Fargo & Co. and Bank of America Corp., and Florida banks BankUnited and BankAtlantic announced that they would stop foreclosures for at least a month until they learn more about Obama's proposal.
Lawmakers asked bankers for the foreclosure moratoriums during a congressional hearing in Washington on Wednesday.
U.S. Treasury Secretary Timothy Geithner unveiled an outline of Obama's plan last week and said the details of the proposal will be released at a later date.
Obama is scheduled to discuss his plan to slow foreclosures this week.

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