Tags: White House | Opposes | Broad | Foreclosure | Moratorium

White House Opposes Broad Foreclosure Moratorium

Tuesday, 12 Oct 2010 10:42 AM

The White House on Tuesday rejected calls for a broad moratorium on home foreclosures, saying it feared that such a step could harm the housing market and hinder a housing recovery.

"There are a series of unintended consequences to a broader moratorium," White House spokesman Robert Gibbs told reporters.

The health of the housing market is a major concern as the Obama administration tries to step up the economy's recovery from its worst downturn since the 1930s.

Lawmakers are acutely aware of voter angst over jobs and the sluggish economy with the November 2 congressional election three weeks away, and regulators face heavy pressure to prevent a repeat of the 2007-2009 financial crisis that began when the U.S. housing bubble burst.

Gibbs said that the administration is determined to "get to the bottom of" a problem of hasty foreclosures.

"We want to take the just and necessary steps to ensure that the process is being followed legally," he said.

But he added, "At the same time, we don't want to see broader harm done to the housing market and to the housing recovery."

© 2017 Thomson/Reuters. All rights reserved.

 
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The White House on Tuesday rejected calls for a broad moratorium on home foreclosures, saying it feared that such a step could harm the housing market and hinder a housing recovery. There are a series of unintended consequences to a broader moratorium, White House...
White House,Opposes,Broad,Foreclosure,Moratorium
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2010-42-12
Tuesday, 12 Oct 2010 10:42 AM
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