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A temporary moratorium on mortgage foreclosures has just been announced today by both Both Citigroup and JP Morgan who have both been huge recipients of federal government money from the Troubled Assets Relief Program.
The news comes one day after House Financial Services Committee chairman Barney Frank and the Office of Thrift Supervision urged financial institutions to halt foreclosures, until lawmakers have had time to hash out the details of a “comprehensive” plan to address the housing crisis.
For three weeks, “we will not add to the foreclosure process any new owner-occupied residential loans that are owned and serviced by JP Morgan Chase,” wrote JP Morgan CEO Jamie Dimon in a letter to Frank. “We believe three weeks is adequate time for the Treasury to announce — and for us to implement — a new plan.”
Complete story at Housingwire.
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