Axelrod suggests White House won’t support foreclosure moratorium

By David Edwards
Sunday, October 10, 2010 15:24 EDT
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President Barack Obama’s top adviser said Sunday that he wants Congress to address improper foreclosures but indicated that the White House doesn’t support calls for a national moratorium.

“I’m not sure about a national moratorium because there are, in fact, valid foreclosures that probably should go forward and where the documentation and paperwork is proper,” Axelrod said on CBS’ Face the Nation.

“We are working closely with these institutions to make sure that they expedite the process of going back and reconstructing these and throwing out those that don’t work,” he said.

CNN reported:

State attorneys general have stepped up pressure on banks after it was revealed that some bank employees had signed foreclosure affidavits without verifying that the documents were accurate, a process now known as “robo-signing.”

Ohio’s attorney general has filed a lawsuit against Ally Financial and its subsidiary GMAC Mortgage for allegedly submitting fraudulent documents in hundreds of foreclosure cases across the state.

Senate Majority Leader Harry Reid, D-Nevada, called on major mortgage servicers to consider halting foreclosures in all 50 states in a statement released Friday.

“It is only fair to Nevada homeowners to suspend foreclosures until a thorough review of foreclosure processes is completed and homeowners can be assured that their documents are being analyzed properly,” Reid said.

The White House announced Friday that the president would block a bill that would have made it more difficult for home owners to challenge foreclosures.

This video is from CBS’ Face the Nation, broadcast Oct. 10, 2010.

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David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
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