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Citigroup, JPMorgan Chase putting a freeze on foreclosures
2009-02-13 21:03:53 (GMT) (Caymanmama.com - Banks & Banking Real Estate News News)
In unison with Obama’s administration efforts to help the nation’s housing market, banking giants JPMorgan Chase and Citigroup Inc. are widening their efforts to freeze home foreclosures
Salinas, California (CaymanMama.com) — In unison with Obama’s administration efforts to help the nation’s housing market, banking giants JPMorgan Chase and Citigroup Inc. are widening their efforts to freeze home foreclosures.
JPMorgan Chief Executive Jamie Dimon said the company plans to freeze new foreclosures for owner-occupied mortgage loans through March 6. Dimon revealed the freeze in a letter to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. The letter was released on Friday.”This moratorium replicates the 90-day foreclosure freeze we announced on Oct. 31,” Dimon wrote. “We believe three weeks is adequate time for the Treasury to announce — and for us to implement — a new plan.”
Citigroup’s foreclosure suspension applies to all “Citi owned first mortgage loans that are the principal residence of the customer as well as all loans Citi services where we have reached an understanding with the investor” until Obama’s administration has finalized all outstanding matters on the loan modification program or March 12, whichever comes first. Citigroups’s freeze is based on a similar effort that it began in November.
On Wednesday, Rep. Barney Frank called on the mortgage industry to pass broad foreclosure suspensions, and key bank executives then committed to doing so.
This information brought to you by Altus, Oklahoma new home builder Sheryl Homes Inc.
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