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The suspend-foreclosures momentum is catching, as North Carolina's attorney general follows the...

The suspend-foreclosures momentum is catching, as North Carolina's attorney general follows the lead of Texas' AG in asking 15 mortgage lenders to put a halt to repossessions. On the state's list: BAC, JPM, WFC, C, STI, PNC, BBT and others.
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Comments (7)
  • Tack
    , contributor
    Comments (14408) | Send Message
     
    Politicians everywhere know a vote-buying idea when they see one.
    6 Oct 2010, 11:59 AM Reply Like
  • User 337335
    , contributor
    Comments (25) | Send Message
     
    Yeah, suddenly a few weeks before the elections some states with the most stringent bankruptcy laws and the most lax foreclosure requirements want to stop foreclosures?

     

    It seems the personal responsibility mantra does not apply when you want people to vote for your candidate - at least until after the elections, then it will all be about the trickle-down.

     

    www.gocomics.com/patol.../
    6 Oct 2010, 12:04 PM Reply Like
  • nightfly
    , contributor
    Comments (1017) | Send Message
     
    Not to mention this will really help out the housing numbers. Just watch how high the market will jump once the foreclosure rate drops near zero in the coming months!
    6 Oct 2010, 12:35 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3533) | Send Message
     
    The moratorium on foreclosures seems like the right thing to do and is good for the housing market. Titles are in doubt and a breather will allow the courts to establish procedures for a method to clear titles. Meanwhile, holding some of the inventory off the market will help firm up prices. In this circumstance, I don't think the A.G.'s are acting from political motives as these moves will generate as much negative feeling as positive.
    6 Oct 2010, 12:48 PM Reply Like
  • enigmaman
    , contributor
    Comments (2686) | Send Message
     
    this moratorium will not help the housing markets because these distressed sales make up almost 50% of the market, so kiss off a resurgence of sales, we will end up with is a legal mess that will take years to clear up, the reasons for this are to numerous to mention, the hope was for a quick resolution to the back log of foreclosures to clear them out of the system but now it will drag on and just muddy up the works.

     

    I dont believe this was done to gain political advantage because it just pisses all voters off, its a big reminder of just how screwed up things really are, IMO it does work to the disadvantage of the Democratic party, Oops!
    6 Oct 2010, 01:22 PM Reply Like
  • Tack
    , contributor
    Comments (14408) | Send Message
     
    Paragraph one, yes; paragrpah two, no.

     

    The "victims" of foreclosures and those who sympathize with them are Democratic voters in overwhelming numbers, so this moratorium makes them happier. Everbody else was already disillusioned.
    6 Oct 2010, 01:34 PM Reply Like
  • cbc
    , contributor
    Comments (411) | Send Message
     
    Insanity is the order of the day. Bail out the too big too fail banks at the taxpayers expense. Now slow down the foreclosure process and punish those same banks? Again at taxpayer expense. But on the bright side quite a few unemployed lawyers will probably get some work. : P

     

    One has to suspect political BS here. And I would suspect this is coming from the feds and not just the state level.

     

    Enigmaman has this right. This will delay clearing these problems from the system and delay any 'real" recovery.

     

    If I was running those banks I would make sure state laws were being followed and tell the AG where he can stick it.

     

    Of course ensuring state laws are followed is right but even schizophrenics get things right half ot the time. It smells and I see no consistent policy from the Pres, Congress, States, Dems, Reps, etc. Insanity and politics. The country is going down the tubes at an increasingly rapid rate.
    6 Oct 2010, 02:36 PM Reply Like
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