Congressional lawmakers are struggling to come up with a quick fix to the foreclosure fiasco that has threatened the economic recovery and thrown a monkey wrench into their re-election campaigns.
Hearings. Investigations. Court orders. Moratoriums. These are among the many options being floated by members of Congress as they try to demonstrate their sensitivity to the problem and eagerness to address it. The latest housing mess has handed them a new dilemma just when it seemed the economy couldn't be more of a drag on incumbents. And while some warn a heavy-handed government response could make a bad situation worse, others are calling for across-the-board government intervention.
"The fundamental fairness of the entire foreclosure process is now in serious doubt," the bipartisan members of Maryland's congressional delegation, along with Gov. Martin O'Malley, wrote in a letter to the state's highest court Sunday. They requested a minimum 60-day foreclosure suspension in their state.
Others are calling for a national freeze.
The calls for immediate action come after some of the nation's biggest banks put foreclosures on hold following revelations that lenders may have used flawed paperwork to evict homeowners.
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