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CU: Foreclosure moratorium needed now

Wednesday, February 11, 2009

Consumers Union Urges Obama Administration
to Expand Call For Moratorium on Foreclosures

WASHINGTON, D.C. – Consumers Union called on the Obama administration to expand the call for a moratorium on foreclosures to assist homeowners struggling to keep their homes. The effort to halt foreclosures picked up momentum today as the Office of Thrift Supervision, an agency under the Treasury Department, called on the mortgage lenders it regulates to stop foreclosures until the federal government’s program to assist homeowners modify their loans is in place. Yesterday, Representative Barney Frank, Chair of the House Financial Services Committee, lent his support to that idea.
“We are encouraged that the Office of Thrift Supervision and Chairman Frank recognize the urgent need to stop foreclosures until the federal government can develop a more effective plan to help struggling homeowners,” said Pam Banks, Policy Counsel for Consumers Union. “Every 13 seconds another home goes into foreclosure. And with each foreclosure, another family’s American dream comes crashing down. We need an immediate moratorium on foreclosures until the federal government provides effective relief for Americans at risk of losing their homes.”
Consumers Union is supporting a broad package of reforms to protect homeowners and prevent foreclosures. For more information, see:
The personal impact of the record number of foreclosures is underscored by Consumers Union’s Faces of Foreclosure video:
Pam Banks: 202-462-6262
Norma Garcia: 415-431-6747
Michael McCauley: 415-431-6747