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Wall Street: Foreclosure moratorium would be 'catastrophic'

The Securities Industry and Financial Association said Monday that a "systemwide moratorium on all foreclosures" would be "catastrophic."

"It must be recognized that the mortgage market, investors and the
health of the economy are all inter-related," Tim Ryan, president and CEO, of SIFA, said in a statement. "Investors in the housing market -- including American workers with pension funds, 401k plans, and mutual funds -- would unjustly suffer losses in their savings from these actions."

By Ariana Eunjung Cha  | October 11, 2010; 4:24 PM ET
Categories:  Housing  
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Next: Economic agenda: Tuesday, Oct. 12, 2010

Comments

A moratorium on foreclosures would cause realtors, home inspectors, title companies,
bankers, and home immprovement industry to
LOSE THEIR JOBS. When a home goes into foreclosure, it usually needs to be repaired and updated and creates jobs for handymen, etc.
If people can't afford to pay their mortgage, what's the point of keeping them in a house they Can't Afford???
Government is responsible for creating an atmosphere for people who couldn't afford these homes to buy them (Fannie & Freddie)...now, Government is getting involved AGAIN, and will only create More Problems by putting a moratorium on foreclosures!
Don't Do it, unless you want more Unemployment!

Posted by: ohioan | October 11, 2010 5:37 PM | Report abuse

NO way, a Foreclosure Moratorium would be good for the economy. The only ones who would suffer are the BANKS -- and once the banks suffer, there will be many more opportunities opening up to all the public. The banks are taking all your money and they are TRICKING you into believing in their systems. they messed everything up in the first place!

Posted by: Anonymous | October 11, 2010 5:51 PM | Report abuse

bank of america has created many problems for me. i am a home owner who has been run in circles by BofA even though i have been paying on time and working with their teams. they have continued to make mistakes in paperwork and processes which i have had to pay for continuously. therefore, i had to work with some other people who were experiencing the same things, and we have created a grassroots movement and a hotline for people experiencing major frustrations with bank of america. please contact us at info@bofad.org -- and check out our small statement at www.bofad.org -- we're all tired of it. let's fight back.

Posted by: Anonymous | October 11, 2010 5:52 PM | Report abuse

I Hate the Banks as much as anyone else, however,keeping people in homes they can't afford is Not a solution.
There are a Lot of Innocent people who would Suffer by a moratorium: Realtors, Loan Officers, House Inspectors and Handymen/women fixing up foreclosures. LOTS of Jobs and innocent people are at Stake!

Posted by: ohioan | October 11, 2010 6:24 PM | Report abuse

curing the mortgage mess:

http://curingthemortgagemess.blogspot.com/2010/10/dynamics-of-american-ingenuity.html

Posted by: shmclinton | October 11, 2010 9:22 PM | Report abuse

Don't you people understand that banks on foreclosing on homes that they have no right to foreclose on? This is a "paperwork error" it's a fraud. The people that put up the money for the "loan" (MBS investors) are not the people getting the proceeds of the foreclosure sale. The middlemen that brokered the deal are simply seizing homes as by treating the mortgage docs as abandoned property. The investors are SOL holding their pass-through certificates because the BANKS ARE NOT PASSING IT THROUGH ! They have robbed the lender and the borrower. WAKE UP.

Posted by: indio007 | October 12, 2010 8:04 AM | Report abuse

I'm with @indio007, I'm pretty sure there's fraud going on here. Of course there are people who can't afford the houses they live in. But can you imagine being someone who's up to date with their mortgage -- or doesn't even have one! That really happened! -- getting kicked out because banks aren't doing their paper work? I suggest everyone check out this primer on the whole mess, you'll completely understand the ins and outs afterward -- and it'll probably make you mad about it: http://www.newdeal20.org/2010/10/12/foreclosure-fraud-for-dummies-1-the-chains-and-the-stakes-22958/

Posted by: Anonymous | October 12, 2010 3:36 PM | Report abuse

ohioan and others,using your augment that if home owners now cannot afford their homes than how will they in the future, so why not just foreclose on them. Using your same logic we the American people should have let Bank of America, Chase, JP Morgan, and all the other banks fail because of their sloppy and some times illegal internal bank rules, it was their sloppy work that got us to this place and it was the American people that gave them NO interest loans so they would not go bankrupt.

Its a two way street, banks took our money to get them over a time of hardship, now that we are suffering in this same problem started by them, they the banks dont want to help us. I say its too late the banks have already started us down this path of ruin and they will need to sleep in the bed they created, if the banks end up loosing money then it was their fault in the beginning and they should take on the brunt of loss.

We the American people did not start this downfall it was the banks, now the banks are unwilling to help us with a problem they created, we need another soultion.

If the banks are unwilling to help, then we the people of America need a new banking system,starting today the government will STOP supporting banks, no more free money,then we need to push all of out political leaders into bottom up recreation of the banking system, we need to throwout everything that is existing and start over, this will include any and all head bankers that were at the helm when the banking ship struck rock and nearly drowned the complete system, because it will just be a matter of time before we the American people will need to help the banks with a free money again.

Its a two way street, its time to wake up wall street!

Posted by: mrethiopian | October 12, 2010 5:00 PM | Report abuse

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