With many state Attorneys General investigating mortgage lenders foreclosure paperwork, three of the nations largest mortgage lenders suspending some or all of their foreclosure activities and millions of American homeowners pleading for help, advisors within the Obama administration are indicating that President Obama is opposed to a national foreclosure moratorium. Senior advisor to President Obama, David Axelrod, stated on Face the Nation that while the administration acknowledges that the allegations of fraud in foreclosure documentation are a "serious problem," the administration does not support a national moratorium because "there are, in fact, valid foreclosures that probably should go forward and where the documentation and paperwork is proper."
Commissioner of the Federal Housing Administration, David Stevens, agreed with the White House stance stating he believed that a foreclosure moratorium "is simply not the prudent step to take in this fragile housing market." The prevailing fear that most opponents of a national foreclosure moratorium have is that a moratorium will not change the result of many foreclosure lawsuits but it will more than likely stifle any hope of a swift recovery of the national housing market.
To date, five companies have suspended some aspect of their foreclosure litigation but most have stated that the suspensions will only last a few weeks while they clear up any "procedural errors." If you are facing a Fernandina Beach foreclosure lawsuit, contact Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to explore what defenses could be available to you.
