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Consumers Union calls for moratorium on home foreclosures
Feb 13, 2009 12:01 AM

Consumers Union, the nonprofit publisher of Consumer Reports and the Home & Garden blog, is calling on the Obama administration to step up efforts on a moratorium on U.S. home foreclosures.

"Every 13 seconds another home goes into foreclosure. And with each foreclosure, another family's American dream comes crashing down," said Pam Banks, policy counsel for Consumers Union. "We need an immediate moratorium on foreclosures until the federal government provides effective relief for Americans at risk of losing their homes."

For more information on Consumers Union's efforts in this area, read the mortgage-reform platform at DefendYourDollars.org and watch our video report, "Faces of Foreclosure" (above). You'll find more videos in our March 2009 story, "Financial Traps are Flourishing."—Steven H. Saltzman

UPDATE: Read this post from our Money blog about the decision by two major banks to stop foreclosures for the time being.

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