David Axelrod, one of the top advisers at the White House, spoke Sunday about the need for a moratorium on home foreclosures. This comes following pressure for at the White House to intervene in response to growing evidence that financial institutions have been using incorrect documents to evict many of the nation’s homeowners.
According to Axelrod, the flawed documents are taking a toll on the nation’s real estate markets as well as financial institutions. Axelrod expressed some reservations about a complete nation-wide moratorium citing the need for some valid foreclosures to continue to be processed.
Instead Axelrod said the current administration will be pressing bank lenders to speed up their review process in order to determine which foreclosures have improper documentation. The troubled economy coupled with issues concerning home foreclosures and evictions are sure to be on the forefront of voters’ minds come November 2.
In Marion County, the foreclosure rates from last year weren’t significantly higher than the previous year, but 2010’s numbers are expected to be even higher.