Home Foreclosures Stopped - JPMorgan and Citigroup in the News

2009-02-14 00:04:53 (GMT) (WiredPRNews.com - Business, News)

JPMorgan Chase and Citigroup announce plans for a foreclosure moratorium

JPMorgan and Citigroup make plans to stop foreclosures.

Wired PR News.com – JPMorgan Chase & Co. and Citigroup Inc. have announced plans to stop foreclosures on homes as the current administration works to provide relief for homeowners. As reported by the Associated Press (AP), Chief Executive of JPMorgan, Jamie Dimon, said in a statement released Friday regarding a planned three week foreclosure moratorium, “This moratorium replicates the 90-day foreclosure freeze we announced on Oct. 31… We believe three weeks is adequate time for the Treasury to announce — and for us to implement — a new plan.”

Citigroup is quoted in the report as releasing the statement that their plan is applicable for 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 March 12 or the Obama administration has finalized plans pertaining to loan program changes.

As noted by the AP, reports state that over 274,000 people in the U.S. were given at least one notice pertaining to foreclosures in the month of January.