Foreclosure Moratorium for Some

Three large national banks, Citigroup, JPMorgan Chase, and Morgan Stanley

placed a moratorium on foreclosing on some home loans to give the government time to launch a $50 billion mortgage relief program.

As announced the Obama administration is working on a plan to spend $50 billion

oreclosure prevention and establish national standards for modifying home loans. The program would include possible government subsidies for homeowners who qualify.

Time will tell how this is to function or what effect will be had. Even with relief many people without jobs or without good jobs will still be in trouble.

And given his track record I wonder how Congressman Castle will react to this program? Mr. Cut Taxes voted against the stimulus bill both times in the House. He seems not to care much about the people of Delaware when considerations of party loyalty are at stake.

Peace.