Ray Brescia: Strong Medicine: The Long-Term Health of the Housing Market Requires a National Foreclosure Moratorium

Ray Brescia: Strong Medicine: The Long-Term Health of the Housing Market Requires a National Foreclosure Moratorium: "Simply put, letting foreclosures proceed apace will not make the housing market more liquid, transparent or robust.

Instituting a temporary foreclosure moratorium in the face of admitted and widespread irregularities is not that radical an idea. Trampling on the due process rights of homeowners, engaging in widespread criminal conduct and jeopardizing the integrity of our property title system: those are the radical -- and risky -- actions. The practices that have weakened the housing market are the same practices that must be halted, even temporarily, while investigations are underway to determine how deep the problems lie. A foreclosure moratorium may seem like serious medicine: but the patient is sick, and her long-term prospects require a heavy dose of that medicine to bring her back to health"