ING DIRECT Suspends Foreclosures

Wilmington, Del.-based ING DIRECT, the nation’s largest direct bank, said Monday morning that effective immediately, it will suspend foreclosure sales on occupied single-family properties through the end of March 2009. The company also said it would suspend all evictions on occupied single-family properties through Jan. 15, 2009, “in the spirit of the holidays,” according to a press statement released by the firm.

The eviction freeze formalizes a previously informal, internal process, ING officials said. Eviction freezes are relatively common at most lenders, although many previously weren’t publicized; although ING’s eviction freeze is clearly much longer than similar freezes at other lenders.