Obama on Foreclosures: Keep Cool
As grim tales of robo-signed foreclosures flood the world of real estate, the Obama administration is going to some lengths to caution lenders and lawmakers against a widespread moratorium on foreclosure cases.
While White House advisers spent the weekend voicing anger about the latest crisis on television, they also warned that "a national, blanket moratorium on all foreclosure sales would far more harm than good," in the words of Shaun Donovan, secretary of the Department of Housing and Urban Development. As Election Day nears, clearly there also is some concern on the part of Democratic leaders that the call of some party members, such as Senate majority leader Harry Reid, to halt foreclosures may divide the party.
Foreclosed properties currently comprise around 25 percent of U.S. home sales.
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