Temporary Stay of Execution - A month halt on foreclosures

hat tip to Calculated Risk:

Another "evolving plan". I think they will discover that there is no easy method for successful loan modifications (as FDIC Chairwoman Sheila Bair discovered when they took over IndyMac). I guess the plan is to buy down loans with the $50 billion - or pay a portion of the monthly payment.


JPMorgan Chase and Citigroup Inc. announced plans Friday to temporarily halt foreclosures as the government works to finalize the details of a financial rescue package that could include billions of dollars in aid for struggling homeowners.

Bear in mind this is just two banks and it is only a month. On top of things, there is no real plan in place to help those about to be foreclosed upon, never mind the ones who already were.

Only $50 billion dollars of the TARP has been nebulously allocated to help homeowners.

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