Citigroup, JPMorgan Chase, Bank of America, Morgan Stanley and Wells Fargo have agreed to suspend foreclosures as the White House works on a fix for the ailing mortgage industry.

Citigroup posted a statement on its Web site, saying that the company "is taking the necessary steps to help American homeowners keep their homes."

JP Morgan Chase gave the Treasury department three weeks to come up with a new plan, according to a letter CEO Jamie Dimon wrote to House Financial Services Chairman Barney Frank.

Consumers Union, the publisher of Consumer Reports, issued a statement commending the banks' decision, but also pointing out that this is only a temporary solution.

"We need a comprehensive plan to help people keep their homes for the long term," said Norma Garcia, senior attorney for Consumers Union. "When Treasury announces its formal plan, we’d like to see a moratorium on foreclosures for six months. It should be mandatory for all lenders and servicers. We think six months would give lenders the time needed to deal with the huge backlog of pending foreclosures.”

White House press secretary Robert Gibbs said that President Barack Obama will announce his ideas to help struggling homeowners in a Wednesday speech in Arizona.