Foreclosure Moratorium

The country’s largest banks have put a moratorium on new foreclosures…for the next few weeks.

Wow.  A few weeks.  That should stop the flood for sure.

Wells Fargo, Chase, Bank of America (including Countrywide Home Loans), and Citigroup are all waiting to see what the Obama administration will do before they move forward with any more foreclosure filings.

Much like the loan modification efforts, industry professionals and economists believe this is just delaying the inevitable flood of foreclosures.  The programs unveiled so far as a result of the stimulus package are too complex, too little, and too late.