Banks Halt Foreclosures Ahead of Obama Plan

Citigroup, Bank of America, JP Morgan Chase suspend proceedings until next month
By Nick McMaster,  Newser Staff
Posted Feb 13, 2009 4:04 PM CST
A customer uses a Bank of America ATM in Los Angeles on Friday, Jan. 16, 2009.   (AP Photo/Damian Dovarganes)
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(Newser) – Major US banks agreed today to halt foreclosure proceedings against homeowners until the White House foreclosure prevention plan is in place, the Washington Post reports. Citigroup, JPMorgan Chase, and Bank of America will suspend foreclosures until early March, when the foreclosure plan is expected to be operational. President Obama is expected to announce the program Wednesday.