Got an e-mail from Wells Fargo responding to my column this week suggesting that banks consider a moratorium on home foreclosure activities, at least during the holiday season.
"Wells Fargo is suspending eviction actions from Nov. 23 to Nov. 25, and again from Dec. 19 to Jan. 2, 2012. We will not physically evict or conduct lockouts on the foreclosed properties in our owned portfolio during these times," said a Wells Fargo spokeswoman.
"For loans we service for others, foreclosure-related actions may still occur, but Wells Fargo will not evict tenants during these periods." I checked with the other major banks, and with the government-run Fannie Mae and Freddie Mac, the nation's two largest home loan originators.
JPMorgan Chase said it "will not complete foreclosure sales or evictions from Dec. 22 through Jan. 2, though this does not apply to Fannie and Freddie loans."
Fannie Mae said it "will be announcing a suspension of evictions for the holiday period. Details should be available next week."
Bank of America said, "For loans we own and those we service for investors who do not provide other guidance, we have a policy and procedures to avoid foreclosure sales or displacement of homeowners or tenants around the Thanksgiving and Christmas holidays. In addition to internal notifications of the policy, the contracted foreclosure attorneys and trustees have been instructed that they are not to schedule foreclosure sales, evictions or lockouts on covered loans during those periods."
Ally Financial, which owns GMAC Mortgage, said, "Should a suspension of foreclosure activities be issued, GMAC Mortgage will follow the applicable investor requirements."
Citigroup and Freddie Mac had not responded by Wednesday afternoon.
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