The Milwaukee Common Council will consider a resolution supporting a nationwide moratorium on home foreclosures because of allegations of improper actions by banks.
Bank of America voluntarily set a nationwide foreclosure moratorium after it was revealed that some bank officials were signing without reading foreclosure documents that were presented in court. Such practices have been called illegal and the attorneys general in several states have launched investigations of the practices. The council will discuss the resolution at its meeting today.
“I strongly support an across-the-board nationwide temporary foreclosure moratorium because of the potential irregularities that are too often leveraged against the average homeowner,” said Alderman Michael Murphy in a prepared statement. “Banks and lenders should give consumers a chance to pursue their rights and options under the law to give them a better chance of staying in their homes. I’m hopeful a nationwide moratorium can be brought about in an expedient manner to lessen the number of homeowners facing this daunting and disruptive process which is also wrecking economic havoc across the U.S.”
Also supporting the measure are Alderman Robert Bauman and Common Council President Willie L. Hines Jr. Hines also called on Congress to push for a moratorium.