Cantor Opposes Foreclosure Moratorium: ‘People Have To Take Responsibility For Themselves’

In light of millions of people losing their homes and the jobs are not “there” to accommodate the millions out of work, not to mention the GOP stonewalling any legislation to help those people affected by the above, I am hard-pressed to see how the hell can they say that the GOP will sweep the mid-terms and glide into a majority for the House this November.

Think Progress

In recent weeks, there have been extremely disturbing revelations about how the nation’s biggest financial institutions handle foreclosures. After widespread reports about “robo-signers” — bank officials who would sign foreclosure forms without even reading them — several large financial institutions declared they were halting their foreclosure process. For example, a Bank of America official admitted in a bankruptcy case that she signed 7,000 to 8,000 foreclosure documents a month and “typically” did not read them “because of the volume,” and last week, Bank of America announced it was stopping all foreclosures across the country until it could be sure the process was fair to homeowners.

Several lawmakers have joined the banks in calling for foreclosure moratoriums until banks can carry the process out in a fair and legal manner. And a bipartisan group of attorneys general is also demanding action — for example, Texas Attorney General Greg Abbott, a Republican, is asking 30 lenders to stop foreclosures until they can prove it’s being done legally.

On Fox News Sunday, Rep. Debbie Wasserman-Schultz (D-FL) called for a nationwide moratorium on foreclosures, saying “it’s absolutely imperative that we keep people in their homes.” House Minority Whip Eric Cantor (R-VA) disagreed strongly, however, saying he was “just perplexed” at Wasserman Schultz’s answer, and that “people have to take responsibility for themselves.”

CANTOR: I’m just perplexed to that answer, Bret… what we’re seeing if you do that, if you impose a moratorium on foreclosures what you are telling people and institutions that lend money is they do not have the protection to take the risk they need to, to extend credit for people will get a mortgage. You’ll shut down the housing industry if that is the case[...]

What we’re talking about, Debbie, you have 10 percent, if that, of the population who are now in a foreclosure situation or in a mortgage that they have been unable to meet the obligations… Now, come on, people have to take responsibility for themselves. We need to get the housing industry going again. We don’t need government intervening in every step of every aspect of this economy.

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1 Comment

Filed under Financial Crisis, Financial Regulatory Reform, Foreclosures, Rep. Eric Cantor

One response to “Cantor Opposes Foreclosure Moratorium: ‘People Have To Take Responsibility For Themselves’

  1. jvo

    banks didn’t, and haven’t, taken responsibility for their mortgage failures, why should individuals?

    we’ve spent billions bailing them out of their mistakes – mr cantor, you are a coward with no vision – bought and paid for. shame on you.

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