The details of the foreclosure mess are ugly and complicated. The politics of it are even worse. The calculus is clear for most Democratic incumbents, especially those in tight races like Senate Majority Leader Harry M. Reid: Nothing could be worse on the eve of elections than images of people being booted out of their homes by big banks that have relied on sloppy, if not fraudulent, paperwork. But reviving the economy requires repairing the housing market, which won’t happen until foreclosed properties and delinquent mortgages are dealt with. So the White House, which is looking past the midterm elections, has been restrained. Housing and Urban Development Secretary Shaun Donovan wrote over the weekend that “a national, blanket moratorium on all foreclosure sales would do far more harm than good, hurting homeowners and home buyers alike.”
Foreclosure freeze leads to uneasy politics for Democrats
Most Popular Articles
Latest Articles
Pennymac posts first-quarter profit of $39M
Loan production income shrank in the first quarter, but the company’s servicing business continues to grow
-
DOJ charges one of America’s top LOs in alleged mortgage fraud scheme
-
Top Producer Review: Features, pricing & alternatives
-
A&D Mortgage names new servicing manager
-
HUD aims to help protect communities from extreme heat
-
Freedom Mortgage founder addresses ’extraordinary’ credit profiles, profitability and products