This afternoon three major banks--Bank of America, CitiBank, and JP Morgan Chase--announced a moratorium on new foreclosures of owner-occupied homes, until March 6th, claiming they are giving time to Treasury Secretary Tim Geithner to announce a new plan.
Since we know banks don't operate for the common good, I suspect there are some financial reasons why they don't want to invest anymore in legal costs, eviction proceedings, and the cost of holding onto real estate throughout the country. There is nothing humanitarian about this gesture.
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