Citizens halts mortgage foreclosures

Citizens Bank parent Citizens Financial Group of Rhode Island said it has halted for now certain mortgage foreclosures, the latest large lender to do so.

Citizens, the second-largest lender in Massachusetts, said in a statement today it "has placed a temporary moratorium on Citizens-owned mortgages on owner-occupied residences of the customer and on mortgage loans serviced by CFG for which understandings with investors have been reached. The moratorium will be in effect until March 12, 2009."

A spokesman said foreclosures represent about half of one percent of its total mortgage portfolio.
(By Ross Kerber, Globe staff)