Housing Plan Details Expected Next Week
Citigroup , JPMorgan Chase, Bank of America, Morgan Stanley, and Wells Fargo have all agreed to suspend foreclosures for approximately three weeks (until March 6th or 12th) while the Obama administration finalizes a plan to modify mortgages for troubled borrowers as part of a broader housing plan.
Fannie Mae and Freddie Mac have suspended all foreclosure sales involving occupied single-family homes and 2-4 unit properties through March 6 as well.
President Obama is expected to provide details of the proposed plan on Wednesday in Arizona.
References
Lenders Agree to a Foreclosure Moratorium
Democrats Tailor Foreclosure Bill To Obama Goals
Tags: foreclosure moratorium, foreclosure relief, foreclosures, Wells Fargo