Wednesday, February 11, 2009

Geithner puts foreclosures on hold

By Michael Boshnack

"A day after Tim Geithner said, it would be a few weeks before he unveils a solution to the housing crisis, regulators and lawmakers pressed financial institutions to suspend foreclosures until the plan comes out.

Geithner who laid out a broad overview of the Obama administrations plan to attack the financial meltdown, said Tuesday that the federal government would commit $50 billion to preventing foreclosure by reducing monthly payments. Details would be forthcoming, he said. Until that loan modification plan is released, foreclosures should be halted, some say."

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