Bank of America, Wells Fargo extend foreclosure moratoriums - Atlanta Business Chronicle:

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BofA said it would not proceed on any foreclosure proceedings until the eligibility details ofPresident Obama’s are Wells Fargo Home the nation’s largest mortgage originator, said it has extended its foreclosure moratorium on loans it owns to Marchj 13 as it works to help implemeny the Obama administration’s foreclosure-prevention Both companies say they back the “We support the administration’s focus on affordabilitgy in the loan modification and refinance processezs in order to achieve long-term mortgage sustainabilityg for homeowners,” says Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Wells Fargo says it “supports the of the president’s program.
“Tk give at-risk customers time to explore the new solutionsz inthe administration’s plan with us for loans Wella Fargo owns, we will not proceed with home foreclosur sales until at least March 13,” says Mike co-president of Wells Fargk Home Mortgage. For loans that Wells servicew forother investors, the company says it won’t proceesd with home foreclosures until a date allowed by those investors. Investors holding a “substantial portion of thesw loans” already have said they will honor a foreclosures moratorium untilMarch 6, Wells Fargl said. Wells Fargo Home Mortgage is ownedf bySan Francisco-based (NYSE: WFC), which recentlh acquired Charlotte, N.C.
-based Wachovia Corp, the longtime market-sharew leader by deposits in the Triangle BofA (NYSE: BAC) is based in Charlotte.