• Posted on Monday, December 1, 2008
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Florida, banks halt foreclosures for 45 days

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By Marc Caputo | Miami Herald

TALLAHASSEE — Florida's bankers and credit unions announced Monday that they'd suspend foreclosing on homeowners for the next 45 days.

Gov. Charlie Crist announced the halt in foreclosures, but neither he nor the president of the Florida Bankers Association, Alex Sanchez, could say just how many people this could help.

The halt in foreclosures, however, won't help the 444,000 property owners who are in the process of being foreclosed upon.

Florida has the third-highest foreclosure rate in the nation. Crist, who said last week that he would consider issuing an executive order halting foreclosures, said this moratorium would only cover homeowners who can claim their property as their primary residence under Florida's "homestead" rules.

''This is to help people in a time of need,'' Crist said. "This is not for somebody who went and bought a bunch of condos in South Florida on the spec market.''

Read the full story at MiamiHerald.com

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