Obama to Unveil Foreclosure Plan, Banks Halt Foreclosures

bank-of-americaThe Obama Administration is getting ready to unveil a new $50 billion+ plan to halt home foreclosures and to help struggling home owners get lower monthly payments to avoid foreclosure. In 2008, foreclosures were up 81% over 2007, with 2.3 million foreclosed. Press Secretary Robert Gibbs said Friday the plan would be designed to help “the 10,000 Americans each day that have their homes foreclosed on, ” The Bank of America along with JPMorgan Chase and Morgan Stanley have agreed to halt foreclosures until March 6, 2009.

JPMorgan Chase CEO Jamie Dimon said, “We stand ready to work with you…to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages,”

Importantly, in 2009 so far, 13 banks have failed in the U.S., including Corn Belt Bank, Riverside Bank, Sherman County Bank, Pinnacle Bank, among others, amid the global financial credit crisis.


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Hercules holds a B.Comm Finance from Ryerson University in Toronto, Canada. He is a Chartered Financial Analyst (CFA) level 3 candidate. He was previously a contributor at FiLife, a finance website owned by Dow Jones and IAC. Write to hercules@business2press.com
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