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Will Halting Foreclosures Fix The Economy?
I doubt it. The way I see it, a temporary moratorium on foreclosures, like the one recently implemented by Bank of America, will only delay the inevitable. It's like removing a band-aid: whether you rip it off swiftly, with full force, or gently, slowly, and little by little, it still hurts.
Recent allegations that Bank of America utilized 'robo-signing' on foreclosure documents to commit fraud and forgery caused the second largest bank in the country to throw out the white flag and halt foreclosure proceedings until it can accurately assess its policy and procedure related to proper foreclosure documentation.
Additionally, President Obama refused to sign proposed legislation last week that would have made it more difficult for homeowners to challenge documents in a foreclosure.
It's not to say that there haven't been errors in the foreclosure process or that every homeowner who is upside down on their mortgage doesn't deserve to be dealt with fairly and honestly. It's just that halting foreclosures will only delay the pain,  while bringing focus to the minutiae rather than the fundamentals that created the mortgage meltdown in the first place.
The bottom line still remains that the banks and government policy makers have ... more

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