JPMorgan, Citi Halt New Foreclosures

Updated from 1:13 p.m. EST

JPMorgan Chase (JPM Quote) is joining Citigroup (C Quote) in temporarily halting new foreclosures on mortgages they hold, as the Obama administration finalizes a plan to aid homeowners.

U.S. Rep. Barney Frank (D., Mass.), who a day before proposed a moratorium on new foreclosures until the Obama plan is completed, on Friday made public a letter from JPMorgan CEO Jamie Dimon making the pledge to halt new foreclosures through March 6. Citi CEO Vikram Pandit on Wednesday made a similar pledge in testimony to the House Financial Services Committee Frank chairs.

"We stand ready to work with you to put the appropriate processes in place, including a national modification standard, to reduce the incidence of foreclosure and to encourage long-term, sustainable home mortgages," Dimon said in the letter to Frank. ...