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At least one U.S. Congressman is asking the Bush Administration to help resolve the subprime debacle by declaring an emergency “foreclosure moratorium.”
In a letter sent to the president last week, U.S. Congressman Chaka Fattah (D-PA) urged the president to “call on the industry to declare a six-month moratorium on all foreclosures.” He added, “The moratorium would be a stop gap measure until long-term strategies can be implemented to address this national crises.”
Fattah commended the president for supporting foreclosure prevention programs like the Hope Now Alliance, but added “more must be done.”
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