Several lenders apply brakes to foreclosures

Several major banks are expanding their efforts to halt home foreclosures while the Obama administration develops its plan to help struggling homeowners. The White House said President Barack Obama on Wednesday will outline his much-anticipated plan to spend at least $50 billion to prevent foreclosures in a speech in Arizona, one of the states hardest hit by the foreclosure crisis.... JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp. said Friday they are halting foreclosures through March 6. And Citigroup Inc. said its halt will extend until the administration has completed the details of the loan modification program or March 12, whichever is earlier. New York-based Citi’s action expands on a similar effort that it started in November. The banks’ pledges apply to owner-occupied homes, not those owned by investors. Obama’s announcement next week is expected to include details about how the administration plans to prod the mortgage industry to do a better job of modifying the terms of home loans so borrowers have lower monthly payments.