Citigroup, Chase, Bank of America, Wells Fargo, Morgan Stanley, Bank of New York, and greed to suspend foreclosures to give time to the Obama administration as it continues to craft a housing plan to modify mortgages for troubled borrowers.
Citigroup will halt foreclosures through March 12, or until a plan is completed, the company said Friday. Wells Fargo said its moratorium is in place until a plan is announced. The other lenders said foreclosures will be stopped on owner-occupied homes until March 6.
Fannie Mae and Freddie Mac said they will suspend foreclosure sales involving occupied single-family and two- to four-unit residential properties through March 6.
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