Wednesday, October 6, 2010

Pelosi calls for federal inquiry on mortgage lenders

NOTE: Edit to add link to the actual letter and signatures of supporters

Pelosi calls for federal inquiry on mortgage lenders: "On Tuesday, the AFL-CIO joined other consumer groups that have called for such an action. Foreclosures across the nation could grind to a halt anyway as more states freeze the process.

Real estate analysts, however, warned that the moratoriums could overwhelm the court system and wreak havoc on the fragile housing market by scaring away potential buyers of foreclosed properties.

The problems now tainting hundreds of thousands of foreclosures came to light last month when Ally Financial - the recipient of a $17 billion federal bailout - suspended evictions in 23 states where a court order is required to seize a property."

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