John M. Robbins, chairman of the Mortgage Bankers Association on Thursday responded to a call yesterday from a variety of civil rights and consumer advocacy groups for an immediate six month moratorium on foreclosures resulting from subprime loans. â€œNobody wins when a home goes into foreclosure. Consumers lose their homes and suffer a ding on their credit rating, and lenders and investors lose significant amounts of money," Robbins said. He noted that lenders are taking "every possible step to avoid foreclosure" for affected borrowers, and have a number of tools at their disposal to help -- including forbearance. "The current troubles in the subprime market have already begun to create a â€˜credit crunch' affecting consumers who are experiencing financial difficulties face difficulties qualifying to refinance into a better loan," he said. "Forbearance is certainly an effective tool in some cases, but it is not a sustainable long term solution. If we have learned one thing coming out of the Katrina and Rita disasters, it is that blanket policies rarely have the desired blanket effects. "Each loan is an individual transaction and situation, one which needs to be addressed individually between the lender and the borrower.â€? For more information, visit http://www.mortgagebankers.org.