Chair of Congressional Urban Caucus Urges Foreclosure Moratorium

Rep. Chaka Fattah, D-Pa., chairman of the Congressional Urban Caucus, has called on President Bush to have the mortgage industry declare a short-term moratorium on all foreclosures and to convene a national summit of congressional, industry and community leaders to develop a long-term strategy for combating foreclosures.

"While I commend your Administration for the diligent work it has undertaken to help alleviate the rising number of foreclosures with programs such as the Hope Now Alliance, respectfully, more must be done," Fattah wrote in the Nov. 16 letter.

According to Fattah's office, the letter is intended to request "definitive action on foreclosure crisis." He notes that over 2 million mortgages are scheduled for rate adjustments by the end of 2008.


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