One Million Homes Were Repossessed in 2010 -- Time for a Foreclosure Moratorium

Last year Banks foreclosed on ONE MILLION HOMES in the United States. And the trend is moving upward:


Banks repossessed a record one million US homes in 2010, and could surpass that number this year, figures show.

Foreclosure tracker RealtyTrac said about five million homeowners were at least two months behind on their mortgage payments.

Foreclosures are likely to remain numerous while unemployment remains stubbornly high, the group said.

Considering all the fraud and abuse that has been reported regarding the foreclosure process by many, many banks, isn't it time for our government to place a moratorium on further foreclosures? I think so.

FDR declared a Bank Holiday when there was a run on the banks. Well, right now there is a run on people losing their homes to often unscrupulous Banksters. I don't know what authority President Obama may have under existing banking laws, but I would sure look for any justification I could if I were he to stop the vast bank foreclosure machine from gobbling up anymore homes and continuing to ruin our economy.

One of the best things we could do for the economically stressed and distressed American people would be to put a halt to all foreclosures for as long as possible while we attempt to get legislation passed to deal with this ongoing and ever expanding crisis. At the least, Democrats should be proposing bills in the House and Senate to force Republicans to defend their support for the likely criminal actions of the big banks in pursuing this rash of foreclosures.

Booman Tribune / By Steven D.

Posted at January 13, 2011, 5:28am

Today's Top Stories