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PostHeaderIcon JP Morgan Chase Moratorium on Foreclosures

It got a bit lost in all the election hubbub, so I thought I’d mention it now. JP Morgan Chase, the bank who bailed out/bought Washington Mutual, has changed how they are handling mortgages, particularly those inherited from the banks that failed. In the meantime, they have issued a 90-day moratorium on foreclosure while they implement the new plan.

The cynic in me can’t help but notice the great PR for JP Morgan Chase:

We may have to foreclose down the line, but it’ll be after the holiday season so we’re not kicking anyone to curb at Christmas/Hanukkah/the Winter Solstice/Kwanzaa, et al. Go us!

More details from JPMC (can these merged banks please pick just ONE name! lol) at CNNMoney.com, here.

For a real-world explanation that boils it down for homeowners, check out this recent NPR interview.

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