Jumping Before They Could Be Pushed

by Chris Sturr | November 01, 2008

From today’s Financial Times. Mercifully, and for once recently, the biggest news story of the day is relatively speaking, undramatic, and a positive one:

JPMorgan to freeze foreclosures

By Francesco Guerrera and Saskia Scholtes in New York
Published: October 31 2008 20:51 | Last updated: October 31 2008 20:51

JPMorgan Chase has moved to ease the burden of struggling US homeowners and avoid taking over thousands of houses, revealing plans on Friday to renegotiate $70bn of mortgages and freeze foreclosures for up to three months.

The measures are expected to stave off the threat of home repossessions for 400,000 families by cutting their mortgage bills through reductions in interest rates or principal repayments and other loan modifications.

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1 comment

One Comment

  1. Now, banks are doing what they should have in the first place, but they had to get their $1 trillion parting gift from their President and legislature first. They will now use taxpayer money to buy up assets from failed banks for pennies on the dollar.http://ewebsmith.com/bus/taxpayers.html

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