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FOR IMMEDIATE RELEASE |
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State
Rep. Peter J. Daley |
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Daley salutes JPMorgan Chase & Co. and Citigroup Inc.
for their foreclosure moratorium
HARRISBURG, Feb. 13 – House Commerce Committee Chairman Peter J. Daley
D-Washington/Fayette, today praised JPMorgan Chase & Co. and Citigroup Inc. for expanding their efforts to halt home foreclosures, while the Obama administration develops its plans to help the U.S. housing market.
"These two banks have placed a moratorium on foreclosures, thus replicating the 90-day foreclosure freeze they announced on October 31 of last year," Daley said. "In 2007, I had pushed for the sub-prime mortgage industry to agree to a voluntary moratorium while the Commerce Committee worked on creating the mortgage rescue funds."
Daley says the Obama administration is working on a plan to spend $50 billion on foreclosure prevention and establish national standards for modifying home loans.
"The House Commerce Committee and the Pennsylvania Housing Finance Agency were able to work on and implement rescue funds for Pennsylvania, HERO and REAL," Daley said. "Enacting a moratorium will enable the administration to work on fine tuning their program."
Citigroup’s foreclosure moratorium applies to all Citi-owned first mortgage loans that are the principal residence of the customer, as well as all loans Citi services where they have reached an understanding with the investor, until the Obama administration finalizes the details of the loan modification program or on March 12, whichever is earlier, according to a company release.
JPMorgan said it would halt new company foreclosures for owner-occupied home loans through March 6.
More than 274,000 U.S. households received at least one foreclosure-related notice last month, according to RealtyTrac Inc.
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l:'print'releases' moratorium09 .049
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