I’ve been intermittently watching today’s TARP Accountability hearings held by the House Financial Services Committee.

Executives from eight financial institutions that received TARP funds are being grilled about how they spent the public money that was given to them.

Three of the eight executives (Citi, Wells Fargo, and Bank of America) just verbally agreed to a 3-week moratorium on owner-occupied home foreclosures. They made this agreement to allow the President time to pull his homeowner assistance plan together that will be included as part of TARP 2, now referred to as the Financial Stability Plan.

Other major banks and Fannie Mae and Freddie Mac are expected to follow suit.