Banks give reprieve to stricken homeowners

Business Week is reporting this important story:

With tens of thousands of homeowners in four states displaced by Hurricane Katrina, some banks and finance companies are allowing customers to forgo monthly mortgage payments for 90 days without incurring late fees or other penalties.

This forbearance, as the industry calls it, is also being extended by some banks to home equity lines, credit card balances and student and auto loans.

Read the whole article.This is an important one.Pass it along to anyone you think will be affected.