If the current foreclosure problems block the government and industry from getting the many real estate sectors back in shape -- and even worse, if they provoke a new crisis of confidence -- all bets on the wider economic recovery are off.
Some members of Congress have called for a moratorium on foreclosures until the issue is settled, but that seems unlikely to happen because the government and the banks have based their hope of reviving the housing market and the related financial mess on saving the homes that can be saved while cleansing lost mortgages from the market. The government has already fallen far short of its goals to help modify troubled mortgage loans that might be salvageable.
The Obama administration this month vetoed a bill that would have helped banks accelerate the foreclosure process, but officials fear a moratorium would prevent valid foreclosures from going forward.
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