Dems Backing 90-Day Foreclosure Moratorium

A Democratic landslide in the upcoming elections could lead Congress to impose a 90-day moratorium on foreclosures early next year. Democratic presidential candidate Barack Obama wants any bank receiving a capital injection from Treasury to "abide by a 90-day moratorium on foreclosures for families making a good faith effort to pay their mortgages." Sen. Obama, D-Ill., said the $250 billion capital plan should be "implemented in a way that helps homeowners and does not enrich Wall Street CEOs at the taxpayers' expense." Meanwhile, Senate Banking Committee chairman Christopher Dodd, D-Conn., told reporters that he supports a 90-day foreclosure moratorium. And he would try to attach a moratorium provision to any economic stimulus or regulatory reform bill that Congress takes up. Sen. Dodd said 9,800 families enter foreclosure each day. "We should declare a temporary moratorium on foreclosures so that lenders, servicers and homeowners can come together to try to restructure their loans on terms agreeable to all."