Do You Support a National Moratorium on Foreclosure?
"World News" wants to know what you think. Share your comments below.
Oct. 13, 2010— -- Amid troubling revelations of foreclosure mistakes, 40 state attorneys general will announce a joint investigation today into the mortgage industry's practices.
Authorities hope mortgage companies will change the way they handle foreclosures, which have included the use of so-called robo-signers that approve thousands of foreclosures a day without actually reviewing the details of the cases. In some instances, faithful mortgage payers have received foreclosure notices.
"[Robo-signers were] a way to try to facilitate the process. They've been overwhelmed by the foreclosed properties, and this was their way of trying to get through those problems as fast as they could," said Mark Zandi, chief economist for Moody's Analytics.
The attorneys general intend to press the banks to offer more help to struggling homeowners.
Some are calling for a national moratorium on foreclosure, though the White House has said that step would go too far.
Our question to you today: Do you support a national moratorium on foreclosure?
The Associated Press contributed to this report.
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