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Wednesday, February 13, 2008

Major mortgage lenders halt foreclosures

February 13 2008
Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their mortgage payments. Under a program unveiled Tuesday, legal efforts to oust seriously delinquent borrowers from their homes will be postponed for 30 days while lenders and borrowers try to work out payment options. The banks so far participating in the program are Citigroup, Countrywide, Bank of America, JP Morgan Chase, Washington Mutual and Wells Fargo.

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