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Wednesday, 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.   

Tanya Marsh

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Comments

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

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