Within days of major lenders putting foreclosures on hold, I began to hear from NAHREP members about the problems the embargo was causing new buyers in the hardest hit markets. Like you, I was relieved to hear the news that the White House opposes a national foreclosure moratorium and applaud the Administration for not overreacting to the recent document/recordkeeping issues. The unintended consequences of a broader moratorium would certainly deal a blow to an already fragile housing market.

   Without question no family should ever lose a home due to a bank error. There must be checks, balances and reporting that prevent mistakes like this from ever happening. This recent hiccup offers us a good opportunity, however, to step back and reevaluate our priorities in the recovery. Vacant, unsold homes undermine the stability of our neighborhoods and our communities. More gridlock isn't the answer. A moratorium would only elongate the process for distressed homeowners, create a backlog of homes and further drive down neighborhood values when they eventually hit the market.