Several Banks Halt Foreclosures

Seems like measures like this should have been part of the first moves made by the administration (both the former Bush and the current Obama ones) in the process of stimulating the economy. How better to encourage confidence than to provide some assurance for those homeowners barely making it by?

More than 2.3 million homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, and industry analysts say that number could soar as high as 10 million in the coming years, depending on the severity of the recession.

JPMorgan Chase, Morgan Stanley and the Bank of America said Friday that they were halting foreclosures through March 6. And Citigroup said it would halt foreclosures until the Obama administration completed the details of the loan modification program or until March 12, whichever is earlier. Citigroup’s action expands on a similar effort that it started in November.

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