Thursday, October 14, 2010

Obama resists call to halt foreclosures nationwide

Banks seized 102,134 homes in September, a record for any month, RealtyTrac reported Wednesday. California led the nation with 17,756, the Irvine company said.
Even so, top White House officials worry that imposing a national moratorium on foreclosures would backfire by driving down prices even more, delaying the real estate shakeout and potentially creating more foreclosures as additional homeowners find themselves underwater.
In addition,
In the absence of problems, the Federal Housing Finance Agency stressed that foreclosures on delinquent homeowners "should proceed without delay."
"Delays in foreclosures add cost and other burdens for communities, investors and taxpayers," said the agency, which regulates seized mortgage financing giants Fannie Mae and Freddie Mac.
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