Several of the nation’s largest banks announced they will halt foreclosures during the holidays, following a similar move made by mortgage giants Fannie Mae and Freddie Mac last week.
The following banks say they will stop foreclosures until after the New Year: Wells Fargo, U.S. Bancorp, PNC Financial Services Group, Bank of America, SunTrust, and Citigroup. U.S. Bank, Citigroup, and PNC’s foreclosure moratorium will be from Dec. 17 through Jan. 2. Wells Fargo and SunTrust will begin their temporary halt to foreclosures on Dec. 19.
B of A did not specify dates on which it will halt foreclosures, but spokesman Rick Simon said in an email “it is the bank’s policy to avoid foreclosure sales or displacement of homeowners or tenants around the Christmas holiday.”
“We hope this suspension provides families who are experiencing financial hardship some stability over the holiday season,” says Saiyid Naqvi, chief executive officer of PNC Mortgage.
Last week, mortgage giants Fannie Mae and Freddie Mac announced a temporary halt to foreclosures during the holidays. Fannie Mae will halt foreclosures from Dec. 19 through Jan. 2 on single-family homes and two- to four-unit properties. Foreclosure proceedings may continue, however. Freddie’s moratorium will be from Dec. 17 to Jan. 2.