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Lenders suspend Foreclosures for now! The Calvary has arrived!

It seems that President Obama has sent a message to 4 of the major lenders. Citigroup,JP Morgan,Bank of America,Chase, and Morgan Stanley each said they would suspend foreclosures for the next few weeks.It`s a sign of things to come!

The Bama administration will outline a plan on Wednesday to revive the housing market.

How did this suddenly happen?

Apparently these executives for these lenders have been taken to the carpet from members of the House Financial Services Committee who have demanded to know how these lenders have spent $165billion in rescue cash without any accountability.It`s unconscionable what`s really going on behind closed doors. One thing is certain, if and when the news comes out i`m positive the American public will be up in arms!

The question is can Treasury Secretary Tim Geithner map out a successful plan to avoid foreclosures to the masses?

As foreclosures continue to rise something needs to be done in order to prevent Americans who have worked their entire lives from losing their homes.

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Posted by Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission. on 02/14/2009 05:59 AM

Comments (4)

Foreclosures and the Banks Rescue Plan in the ActiveRain Channel

understanding foreclosures in broward county florida real estate

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4 Comments on Lenders suspend Foreclosures for now! The Calvary has arrived!

FEB

Seeing is believing. I refuse to speculate and still hope that the whatever is next helps those who are actually making their payments on homes that are worth far less than the balance of their mortgage. Otherwise I think we are going to see a lot more owners decide to bail.

If B of A is ...did they mention it trickles down to Countrywide?...they are the worst of them all.

I wonder if this is the reason why the banks Chase-JPMorgan has been dragging their feet on a final written acceptance on a short sale I am working on. I am at a point that 12 weeks of over 300 pages of RE FAXED documents was counter productive.

It sounds like the Mo Mod plan you had talked about last week, it is the only plan out that addresses the "true underlying value" of the asset. The is the issue, really no ones to know the true value, but until a Mo Mod plan is implemented the markets will continue to go up and down like a yo-yo

THE STATE OF FLORIDA WANTS THE MO MOD, PRESIDENT OBAMA

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