WASHINGTON — J.P. Morgan Chase and Citigroup both said today that they won't initiate any foreclosure proceedings in the near future, while the Obama administration comes up with a foreclosure-relief program.
"We will not add to the foreclosure process any new owner-occupied residential loans that are owned and serviced by J.P. Morgan Chase," the company's Chief Executive Jamie Dimon said in letter released today by House Financial Services Committee Chairman Barney Frank (D-Mass.). It would be in effect through March 6.
Citigroup's program will run through March 12 unless the Obama administration finalizes its loan-modification program before then.
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During a House Financial Services Committee hearing with the heads of seven major banks, including JP Morgan Chase and Citigroup, many lawmakers urged banks to implement such a program as a way to help consumers.
Treasury Secretary Timothy Geithner outlined a broad financial rescue plan on Tuesday and promised to release details about a more comprehensive loan modification program within the next few weeks.
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