J.P. Morgan Chase and Citigroup are halting home foreclosures

[Belial]

Source: WSJ

J.P. Morgan Chase and Citigroup are halting home foreclosures while the Obama administration develops its plans to help the U.S. housing market.
WASHINGTON -- J.P. Morgan Chase and Citigroup Inc. have agreed to weeks-long moratoriums on foreclosures as the government works on a financial stability plan slated to include billions of dollars aimed at keeping people in their homes.

"We will not add to the foreclosure process any new owner-occupied residential loans that are owned and serviced by J.P. Morgan Chase," the company's Chief Executive Jamie Dimon said in a Feb. 12 letter to Rep. Barney Frank (D., Mass.), chairman of the House Financial Services Committee. The moratorium on new foreclosure actions would remain in effect through March 6 and is similar to a 90-day foreclosure freeze JPMorgan announced Oct. 31.

"We believe three weeks is adequate time for the Treasury to announce -- and for us to implement -- a new plan," Mr. Dimon said.

Citigroup in a statement said it would place a moratorium on foreclosures for all Citi-owned first mortgage loans that are on principal residences and on loans for which understandings with investors have been reached. The moratorium is scheduled to last until March 12 unless the government finalizes a loan-modification program before that date.



Read more: http://online.wsj.com/article/SB123454524404184109.html

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Edit.. Story posted.

[villager]

1. Holy fuck! Elections apparently have consequences!

n/t

[EFerrari]

2. This is great news. n/t

[liberal N proud]

3. This is good news

Good news for the economy and those who facing foreclosure

[LeftHander]

4. Snidley Whiplash is surely rolling over.....

[Moostache]

5. Further proof positive that we have a quasi-nationalized banking induct ry already...

These shitheads at the banks are utterly incapable of coming up with this entirely unprompted or on their own....

Now, if we can just start firing them all and moving ahead with wiping out shareholders and bondholders, we can reorganize these behemoths and start making things better for the long run...

[Dr.Phool]

6. Wa-Mu, BOA stopped a while back.

So, next month when they tout the drops in the foreclosure rate as a sign that the economy is improving, it's bullshit.

They're not doing it to help people. Once they foreclose, they're liable for taxes and maintenance.

[barbtries]

7. i want to look at the bright side

but i feel so badly for those whose homes have been lost prior.
also, i don't trust the fucks. they have ulterior motives that are not for the benefit of homeowners.

[FreeStateDemocrat]

8. The banks may be getting ready to game the system: Foreclosure auction draws no bidders .

HAGERSTOWN — Up for auction: Two-story house assessed last year at $302,090.

Minimum bid: $444,000.

Any takers?

The answer Wednesday was a resounding no. Out of 14 foreclosed-upon homes up for their requisite auction on the steps of the Washington County Courthouse, not one received a single bid, and those present said it was pretty clear why.

“There’s really no money to be made on these houses,” auctioneer Mike Donofrio of Alex Cooper Auctioneers said. “Most are being sold for more than they’re worth.”

-skip-

For eight of the 14 foreclosure properties up for auction Wednesday, the minimum bid set by the lender was higher than the original mortgage amount. For seven, the minimum bid was also higher than the latest assessed value of the home.

Some investors at Wednesday’s auction speculated banks are unwilling to take a loss on defaulted mortgages as long as there is hope of receiving government bailout funds.


I don't really know,but usually when it comes to a bank's actions.the motive is always to maximize profits and screw the morality of the consequences of their behavior.

http://www.herald-mail.com/?cmd=displaystory&story_id=2...