More U.S. Banks Agree To Stall Home Repossessions

Tuesday's move came at the Bush administration's urging and amid a worsening economic outlook. Nearly 1.3 million homes fell into foreclosure last year, a 79 percent increase over 2006, according to RealtyTrac, a market monitor. The trouble appears to be spreading faster: In the final three months of 2007, foreclosures grew by more than 86 percent over the same period in 2006. Millions more risk being dispossessed this year as adjustable-rate mortgages reset at unaffordable levels, say economists. ... http://www.ipsnews.net/news.asp?idnews=41258

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