White House Says Foreclosure Halt Would Be Bad Idea
As prosecutors from all 50 states
launch a joint investigation to stem the tide of foreclosures, one
key figure is resisting the growing outcry for the government to do
more: President Barack Obama.
Banks foreclosed on more than 100,000 homes in September, the first time in history monthly totals surpassed 100k. California led all states with 17,756 seizures in the month, according to a report from Irvine based RealtyTrac. Even with the troubling report, White House officials are concerned that enacting a mandatory moratorium of foreclosures could backfire, applying further downward pressure on prices, delaying the eventual stabilization in housing, and even possibly adding to foreclosure totals down the road as more and more homeowners find themselves underwater.
The Federal Housing Finance Agency on Wednesday said that rather than calling a moratorium on seizures, lenders should be required to verify their foreclosure procedures, make changes to any problems that may exist, and report cases of fraud or improprieties to authorities. The agency stressed that in cases where there are no problems, foreclosures on delinquent homeowners should proceed as normal, as delays in the process can add cost and other burdens for taxpayers, communities, and investors.
White House officials have said that lenders should fix problems with foreclosures and praised the 50-state joint effort to look into the issue. Others have argued that a moratorium is the proper course, as banks have already taken numerous shortcuts to speed the process of foreclosing on delinquent borrowers, inflating the overall numbers.
Banks foreclosed on more than 100,000 homes in September, the first time in history monthly totals surpassed 100k. California led all states with 17,756 seizures in the month, according to a report from Irvine based RealtyTrac. Even with the troubling report, White House officials are concerned that enacting a mandatory moratorium of foreclosures could backfire, applying further downward pressure on prices, delaying the eventual stabilization in housing, and even possibly adding to foreclosure totals down the road as more and more homeowners find themselves underwater.
The Federal Housing Finance Agency on Wednesday said that rather than calling a moratorium on seizures, lenders should be required to verify their foreclosure procedures, make changes to any problems that may exist, and report cases of fraud or improprieties to authorities. The agency stressed that in cases where there are no problems, foreclosures on delinquent homeowners should proceed as normal, as delays in the process can add cost and other burdens for taxpayers, communities, and investors.
White House officials have said that lenders should fix problems with foreclosures and praised the 50-state joint effort to look into the issue. Others have argued that a moratorium is the proper course, as banks have already taken numerous shortcuts to speed the process of foreclosing on delinquent borrowers, inflating the overall numbers.
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