Mortgage Foreclosure & Refinance Resource

JPMorgan Chase and Citigroup are halting home foreclosures while the Obama administration develops its plans to help the battered American housing market.

JPMorgan’s chief executive, Jamie Dimon, said the bank planned plans to halt new foreclosures for owner-occupied home loans through March 6. Mr. Dimon made the pledge in a letter to Representative Barney Frank, the Massachusetts Democrat and chairman of the House Financial Services Committee, who released it on Friday.

Mr. Frank called on the mortgage industry earlier this week to enact such broad foreclosure moratoriums.

Citigroup said in a statement that its foreclosure moratorium applies to all ”Citi-owned first mortgage loans that are the principal residence of the customer, as well as all loans Citi services where we have reached an understanding with the investor,” until the Obama administration has completed the details of a loan modification program or March 12, whichever is earlier. Citigroup’s action expands on a similar effort that it started in November.

The administration is working on a plan to spend $50 billion on foreclosure prevention and establish national standards for modifying home loans.

”We stand ready to work with you to put the appropriate processes in place, including a national modification standard, to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages,” Mr. Dimon wrote to Mr. Frank.

Fannie Mae and Freddie Mac, the government-controlled mortgage companies, suspended foreclosure sales during the winter holidays and have halted evictions from foreclosed properties until next month. And earlier this week, John Reich, director of the Office of Thrift Supervision, urged the more than 800 savings institutions nationwide to do the same.