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Foreclosure Moratorium On Horizon

November 25th, 2008 by Mike Vasilinda

On Monday, Governor Charlie Crist is expected to announce a plan to keep families who cant pay their mortgage from being kicked out of their homes. Yesterday, Crist used the term moratorium. Today, as Mike Vasilinda tells us, the Governor met with Florida bankers to hammer out a strategy.

Hear it here: Foreclosure Moratorium on Horizon

With 54 thousand homes in foreclosure in Florida, the state ranks 3rd in the nation. The rate jumped dramatically in October.

Now, Governor Charlie Crist wants to put a hold on kicking families out of their homes through the holidays or longer. Florida bankers met with the Governor Tuesday and say kicking people out of their homes is the last thing they have ever wanted to do.

If they are willing to work out a payment plan and have it made and thats their primary residence, bankers are willing to work with Floridians to keep them in their homes. Thats been a long-standing policy, Alex Sanchez, President of the Florida Bankers Association said.

What bankers are objecting to is the use of the word moratorium. They say it sends the wrong message to people who still have money.

Banks dont want any action to apply to families with assets or to apply to second homes. Shortly after the meeting the governor was backing away from the word moratorium.

Well I dont care what the terminology is, I just want to have compassion for people during a tough time Crist said.

Charlie Crist was also embracing some of the bankers other concerns.

Maybe have it apply to homesteads only, instead of some people who are speculating, you know, who have several Lexus in the driveway. You have to be reasonable about this kind of thing too, he said.

Posted in Business, Charlie Crist, Housing, State News | 2 Comments »

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