Thousands of city residents on the brink of losing their homes can breathe a temporary sigh of relief now that three of the country's biggest lenders have halted foreclosures.
Last week, JPMorgan Chase and GMAC Mortgage announced the moratorium in 23 states - including New York - where court approval is required.
Bank of America Friday went a step further, stopping foreclosures in all 50 states.
The banks want to reassess their process for seizing homes after admitting required paperwork may have been improperly prepared and could be inaccurate.