Banks agree to delay foreclosures for 45 days

Gov. Charlie Crist announced today that banks have agreed to a 45-day halt to scheduling any foreclosure sales and obtaining any new foreclosure petitions.

The initiative is in lieu of Crist's suggestion last week that he may require a 90-day moratorium by executive order to stop foreclosures during the holidays. By persuading bankers to do this voluntarily, he not only has the support of the Florida Bankers Association but apparently just drew attention to the status quo.

"This is a reaffirmation of our past practice and current practice,'' said Alex Sanchez, president of the Florida Bankers Association. He thanked the governor for his "compassionate leadership at this time" and urged anyone having problems with mortgage payments to "please contact your banker right away."

If there has been no mortgage fraud and "you're willing to enter into a repayment plan, you'll find our bankers are willing to work with our customers during this time of need," Sanchez said.

Crist said the goal was not to help businesses, property owners who are in foreclosure on second homes or people "with Lexus' in the driveway.''

Crist also announced that the Department of Community Affairs will soon have $541-million for mortgage assistance and other financial aid to local governments that put together a plan to help homeowners in foreclosure, including $91-million for direct housing assistance. For more information, he urged people to go to the following Web sites: www.floridahousing.org and www.dca.state.fl.us.

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Comments

Stupid, stupid, stupid.

So, if I don't pay my mortgage, you'll give me money? If people are stupid to lose their homes, too bad. Let them lose them.

A little more opium for the masses.

So let me get this straight...

MY tax dollars are going to people who can't pay their bills...

Has everyone completely lost their minds?

[Jason]

just waitin for my obammy bucks.

[Tom]

I find it funny that Crist said this 45 day reprieve is............not to help people with a Lexus in the driveway. This got me thinking about the news clip at Metropolitan Ministries showing Beamers and high priced SUV's in the parking lot while the owners were collecting their free food! Plus the news person admitting that some married couples getting free handouts were employed full time. I bet these types will be first in line to qualify under this foreclosure delay.

Ok so now we have a feel good policy for 45 days..what is the long term plan to deal with the backlog of foreclosures in the courts and how do we prevent people from going into foreclosure in the future......

Rep Randolph is putting the heat on... looks like the Dems are already pitching for an empty suit/promise campaign against Crist....

Let me see, 45 days....will that be enough time for Obama to start paying my mortgage and gasoline?

If my math is correct, i will be 1 week short of the anointing on Jan 20....

Charlie, can I get a 30 day extension?

2:30 to answer your questions:

1) Let the firesale begin for the people in the pipeline. If they can not afford it now, they never will. Remember that many are just walking away due to being so far upside down.

2) To the banks that loaned unqualified people money and are now left holding the bag: Don't do that again.