White House Doubts Need for Moratorium on Foreclosures

By: Associated Press
By: Associated Press

WASHINGTON (AP) - Some lawmakers are suggesting a nationwide moratorium is needed on foreclosures amid mounting evident that inaccurate documents have been used at times to evict owners.

Rep. Debbie Wasserman Schultz voiced her support for the idea on "Fox News Sunday."

But the No. 2 House Republican, Eric Cantor of Virginia, says a national moratorium would remove the protections that lenders need.

Meanwhile, senior White House adviser David Axelrod tells CBS'"Face the Nation" that might go too far. He says there are valid foreclosures that "probably should go forward."

Axelrod says the Obama administration is pressing lenders to step up their reviews of foreclosures to determine which ones have flawed documentation.

Last week the Bank of America became the first bank to halt foreclosures in all 50 states.

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