October 27, 2010
A Government-Mandated Foreclosure Moratorium is a Popular (and Bad) Idea
I apologize for the shameless self-promotion, but I just had an op-ed published on Huffington Post. The Washington Post reported today that over half of Americans support a mandatory moratorium. In my piece, I defend the White House's resistence to popular calls for a government-mandated foreclosure moratorium.
I didn't delve into this point in the op-ed, but does anyone know what the proposed legal basis of a foreclosure moratorium might be? I find the idea that the President or Congress could order state courts to halt hundreds of thousands of cases between private parties fairly mind-boggling.
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The commerce clause.
Posted by: Tom Roberts | Oct 28, 2010 10:47:56 AM
And Fannie/Freddie own many of the mortgages and/or FHA insures them.
Posted by: Kurt Paulsen | Oct 29, 2010 10:02:00 AM
Mr. Roberts is on. Foreclosure practices impact interstate commerce. And Mr. Paulsen is also right: so many mortgages are funneled through Fannie/Freddie and touched by the FHA.
Even so, it would be a bad idea to halt all foreclosures. There are some valid ones.
Posted by: John Nelson | Oct 29, 2010 6:08:47 PM