Scrooge McMoney-Power takes credit for Christams break on some foreclosures in his district

Statement from Congressman Cardoza on Freddie and Fannie holiday moratorium‏
From:  Dennis Cardoza (dennis.cardoza@congressnewsletter.net) 
Sent: Fri 11/21/08 11:47 AM

WASHINGTON, DC – Congressman Dennis Cardoza expressed his appreciation today that Freddie Mac and Fannie Mae had enacted a temporary moratorium on foreclosures.

“Obviously this is not a silver bullet or any kind of long-term fix to the housing crisis,” Congressman Cardoza said. “However, this does seem to present a good opportunity to help some homeowners work out their troubled mortgages and remain in their homes. More importantly, it serves as a bridge until the Obama administration is in place and can enact policies to help homeowners who find themselves in these very difficult situations.”

It was reported Friday that Freddie Mac and Fannie Mae would suspend home foreclosures between November 26 and January 9. During that period it is hoped that many troubled mortgages can be adjusted. Congressman Cardoza had requested similar action in a letter written to the chief executive officers of the two entities in September.
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