Foreclosure Moratorium
According to an AP report on February 13th, major banks and government-controlled finance companies will place a moratorium on foreclosures until March 6 to give the Obama administration time to develop a plan for those struggling with foreclosure. Banks include JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp, as well as government entities Fannie Mae and Freddie Mac.
The banks’ pledges apply to owner-occupied homes, not those owned by investors.
Fannie Mae said it was suspending all foreclosure sales and evictions for occupied properties, while Freddie Mac said its suspension would apply to properties with up to four units and noted that the ban would not apply to vacant properties.