The Obama Administration has tossed out another vaporware product to stem the great rebalancing. I just wish they'd act more like Apple and less like Microsoft. Timmay blew his last Tuesday "plan real soon now, and gee is it keen!" speech so this time Leader O himself will take to the podium. AP has the story.
WASHINGTON (AP) — JPMorgan Chase & Co. and Citigroup Inc. are expanding their efforts to halt home foreclosures while the Obama administration develops its plans to help the U.S. housing market.
JPMorgan Chief Executive Jamie Dimon said the New York company plans to halt new foreclosures for owner-occupied home loans through March 6. Dimon made the pledge in a letter to Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, who released it on Friday.
"This moratorium replicates the 90-day foreclosure freeze we announced on Oct. 31," Dimon wrote. "We believe three weeks is adequate time for the Treasury to announce — and for us to implement — a new plan."
Devolution will not be denied. Anybody with two brain cells and a synapse knows this is a save the bondholders delaying tactic.