3 of the largest banks in the U.S. announced earlier today that they will suspend foreclosure actions on principal residences for at least a few weeks while Congress and the Obama administration work on crafting a plan to stabilize the financial system.
J.P. Morgan Chase, Citigroup and Bank of America, each of which have recently received billions of dollars from the federal government's TARP plan, issued separate announcements Friday disclosing their plans to institute temporary moratoriums on new foreclosure activity.
Read the article from the Wall Street Journal here: http://online.wsj.com/article/SB123454524404184109.html?mod=rss_whats_news_us_business
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