I read an article in San Francisco Business Times (Feb. 13, 09 issue) by Mark Calvey and thought you’d be interested. While the feds are working out a stabilizing plan for the US banking industry, Wells Fargo, BofA, Citigroup Inc. and JPMorgan Chase are agreeing to halt foreclosures. This moratorium will remain in effect until March 6 for JPMorgan’s loans and March 12 for Citi’s barring any federal action prior to that date. Said moratorium is on any new owner-occupied residential loans owned and serviced by these banks.

Wells Fargo spokesman Chris Hammond, said “We are fully committed to helping our customers find ways to avoid all preventable foreclosures, and we are working with these investors and related contractual commitments to determine how we will support the moratorium request.” These are certainly unprecedented times!

To read the entire article, see http://www.bizjournals.com/sanfrancisco/stories/2009/02/09/daily93.html

Your feedback and comments are always appreciated. Please contact me at Pete@ConsultPete.com or 925-719-3569 if I can be of assistance. To learn more about my background, visit Consult Pete. To learn more about my company strategy, visit Commercial MasterMinds.