Citigroup Incorporated and JPMorgan Chase & Company have decided to halt foreclosures pending the Obama administration’s housing rescue plan. This was confirmed by JPMorgan chief executive Jamie Dimon who said the loans of owner-occupied homes will not be the subject of foreclosure until March 6. Dimon already informed House Financial Services Committee Representative Barney Frank so you can expect Congress to move fast on their foreclosure solutions. Frank has earlier asked companies to implement foreclosure moratoriums.

Citigroup on the other hand said only first mortgage home loans being used as the customer’s principal residence will be included in the foreclosure moratorium. It will also include all loans where the company and the investor have reached an understanding. The moratorium will hold true until the administration is able to finalize the loan modification program details or only up to March 12 whichever happens first.

Frank earlier this week called on the mortgage industry to enact such broad foreclosure moratoriums.

Mortgage companies Freddie Mac and Fannie Mae, which are government-controlled, have suspended foreclosures sales and evictions up to next month.  The 800 other thrift institutions all over the country are encouraged to do the same.