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 April 10, 2007

Moratorium on Foreclosures Demanded by Coalition
Blaming the recent surge of foreclosures on reckless and unaffordable loans, a coalition of civil rights groups has called for a 6-month moratorium on foreclosures that are the direct result of subprime loans.
Lawsuits have been threatened under federal housing laws which protect against discrimination. The coalition wants investors, real estate professionals and lenders to offer assistance to borrowers who need to refinance prior to foreclosure.

President of the National Council of La Raza, Janet Murguia states that there are both affordable and safe loans available to meet the needs of Hispanic communities. The council is calling on lenders to do a better job matching families with the sustainable loans that should have been offered in the first place. Murguia believes that a lot of homes can be saved from foreclosure through proper refinancing.

The director of hosing and economic development with the ABA (American Bankers Association) believes that the call for a 6-month moratorium is uncalled for as there are many reasons why borrowers foreclose on loans.

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