Obama on Foreclosures: Keep Cool

By Alec Foege | Posted Oct 18th 2010 5:05PM

Updated Oct 26th 2010 12:51PM

As grim tales of robo-signed foreclosures flood the world of real estate, the Obama administration is going to some lengths to caution lenders and lawmakers against a widespread moratorium on foreclosure cases.

While White House advisers spent the weekend voicing anger about the latest crisis on television, they also warned that "a national, blanket moratorium on all foreclosure sales would far more harm than good," in the words of Shaun Donovan, secretary of the Department of Housing and Urban Development. As Election Day nears, clearly there also is some concern on the part of Democratic leaders that the call of some party members, such as Senate majority leader Harry Reid, to halt foreclosures may divide the party.

Foreclosed properties currently comprise around 25 percent of U.S. home sales.

For tips on buying a home or selling one see these AOL Real Estate guides:

Foreclosure Help: What a Housing Counselor Can Do

How to Shop for Your First Home

Top Questions to Ask a Real Estate Agent

How to Price a Home to Sell Fast

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Get property tax help from our experts.

Reader Comments (2)

by Donna - October 18th 2010 @ 5:51PM

Letter to Wells Fargo Spokeswpman Vickee Adams,

Dear Ms. Vickee Adams,

In your recent Wells Fargo's press release, you declared that ""Our records show that Wells Fargo's foreclosure affidavits are accurate, When the company finds employees that don't follow procedure, it takes "corrective action."

That's a lie. I can say for a fact that Wells Fargo made us fraudulent mortgage loan and foreclosed my home based on hugely inflated and fraudulent appraisal and refused to correct its mortgage fraud.

Wells Fargo teamed up with its attorneys and spent last 4 years in Nevada courts defending its appraisal and mortgage fraud.

Wells Fargo and its attorneys knew it’s Category C Felony to make mortgage loan based on fraudulent appraisal.

Wells Fargo and its attorneys knew it’s Category C Felony to foreclose home based on fraudulent appraisal.

Wells Fargo chose to violate the law and chose to defraud us.

Hold Wells Fargo Accountable! Save American Dream! Restore banking integrity.

Please sign the Petition at http://www.wellsfargomortgagefraud.com. Let our voice be heard!

Reply | Report

by terry - October 19th 2010 @ 2:11AM

STOP TRYING TO BLAME THE OLD PEOPLE, ITS YOUR PENSIONS YOU SHOULD BLAME,YEA THE SLAVES GET SSI AND SO SHOULD ALL GOV. AND PUBLIC EMPLOYEES , BUT FINISH THE HOUSING FIRST,TELL BUSH WHAT HE DID ,IM SHURE HES ON DRUGS

2 Comments / 1 Pages