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[trioderob]

NEW YORK (Reuters) - Citigroup Inc, JPMorgan Chase & Co, and Morgan Stanley said they had placed a moratorium on foreclosing on some home loans to give the government time to launch a $50 billion mortgage relief program. The moratorium announcements come days after major bank chief executives committed to pausing mortgage foreclosures at a Congressional hearing. Foreclosures have skyrocketed during the mortgage crisis. The National Association of Realtors said on Thursday that sales of foreclosed homes helped drag the median price of existing homes to its lowest level since 2003. Citigroup said its moratorium, which started on February 12, will last until either President Barack Obama has finalized the details of a program for modifying mortgages, or until March 12