US banking chiefs on Wednesday yielded to demands by angry members of Congress and agreed to suspend mortgage foreclosures for at least three weeks to give the US government time to finalise its financial rescue plans. The move, which will freeze repossessions on 1m US homes, came as eight Wall Street leaders appeared before a Congressional committee to explain their banks’ role in the financial crisis. In a tense session, the committee attacked their bonuses, lending practices and perks.

This entry was posted by Gwen Robinson on Thursday, February 12th, 2009 at 4:58 and is filed under Capital markets, People. Edit this entry.