Sean Patrick Maloney: “Today we took a historic step toward economic recovery, and four financial giants took another important step in…”

“Today we took a historic step toward economic recovery, and four financial giants took another important step in announcing that they will impose a moratorium on mortgage foreclosures. In response to a request from Congress during hearings chaired by Chairman Frank, CitiGroup, Morgan Stanley, J.P. Morgan, and Bank of America today announced plans to suspend foreclosures for the next few weeks or until the President's new plan is in place. These actions create breathing space to allow the new administration to develop and the private sector to implement a new plan to reduce foreclosures and to help Americans stay in their homes. We cannot solve our economic crisis until we solve our housing crisis. And leaders of our financial sector have the ability and responsibility to help lead our recovery. As a representative from the State of New York, I applaud these New York financial institutions for being the first to step forward and take up this challenge. And I urge all other mortgage institutions to follow their example, to take similar steps to help Americans stay in their home.”