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White House rejects foreclosure moratorium

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Caren Bohan and Corbett B. Daly
Oct 13, 2010

The Obama administration rejected calls for a nationwide moratorium on housing foreclosures amid fears that such a move could cripple an already slow recovery of the U.S. housing market.

White House spokesman Robert Gibbs signaled on Tuesday the administration’s wariness of backing populist calls to halt evictions. A moratorium would benefit only a small minority of homeowners while risking a backlash if it impeded the economy.

“There are a series of unintended consequences to a broader moratorium,” Gibbs told reporters.

Industry experts warn that a ban would add to lenders’ losses, raise the cost of new mortgages, and create a backlog of homes that would further depress real estate prices.

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This article was posted: Wednesday, October 13, 2010 at 3:52 am

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