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OTS urges foreclosure suspension
WASHINGTON (2/12/09)—In the wake of the Obama administration’s announcement Tuesday that its initiative to help homeowners facing foreclosure will not be unveiled for at least a week, the Office of Thrift Supervision (OTS) urged its institutions to suspend foreclosures. “OTS-regulated institutions would be supporting the national imperative to combat the economic crisis by suspending foreclosures until the new (p)lan takes hold,” OTS Director John Reich said in a release. U.S. Treasury Secretary Timothy Geithner, while announcing the administration’s widely reported Financial Stability Plan's to boost the financial sector yesterday, said a $50 billion initiative will help troubled homeowners avoid foreclosure by reducing monthly payments. The OTS regulates the national thrift industry.


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