PhiladelphiaYes, that's right. A whole city inducted into the Hall of Shame.
2008-03-28: Philadelphia suspends sales of foreclosed homes
PHILADELPHIA (Reuters) - Authorities in Philadelphia will suspend foreclosure sales of homes whose owners have fallen behind on adjustable-rate subprime loan payments -- potential relief for tens of thousands of struggling debtors.
Sheriff John Green said on Friday he would halt sales of foreclosed properties in April and would seek a court order extending a moratorium for an unspecified period.
His action follows a nonbinding resolution passed unanimously by the Philadelphia City Council on Thursday calling on Green to stop the sales to give borrowers more time to seek a settlement that would prevent them from losing their homes.
Philadelphia becomes the first U.S. city to halt foreclosure sales in the current crisis, although Cleveland and Baltimore are considering similar measures, said ACORN, an advocacy group for low-income families.
5 comments:
Thanks for posting on this ridiculousness. California actually tried a 60-day moratorium on foreclosures during the Great Depression, but it was overturned because it was found to be unconstitutional at the state and national levels. It will be interesting to see how this calamity unfolds.
I would have expected this of Cleveland before Philly.
I expected this of Detroit before Cleveland or Philly. Our mayor is being prosecuted- hasn't really anything personally to lose.
Isn't this the best way to ensure a soft landing for everyone involved? I'd like to see more cities take this step.
This is the best way to protect families. Many times the home loans are offered when realeastate seems promising. These dreams are sold to people. Then when they are in over their heads because of adjustable mortgage rates, there life is snatched out from under them by foreclusure. Good for Philadelphia leading the way.
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