Following the lead of Fannie Mae and Freddie Mac, ING revealed today that, effective immediately, the bank would suspend foreclosure sales on occupied single-family properties until the end of March 2009; as well as delay evictions from occupied single-family properties until January 15, 2009.
ING Direct, the largest direct bank in the nation, maintains ownership on all mortgages it originates, not selling them to Wall Street. Arkadi Kuhlmann, CEO at ING Direct, said "We help customers buy homes with mortgages only if we believe they are suitable and affordable. Consequently, once we get customers into a home, we work hard to help them stay there. We hope this foreclosure suspension will provide some relief during the holidays to those experiencing financial hardships. I call on others in the mortgage industry to step up and help homeowners with foreclosure relief during these difficult times."