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Crist Explores Freeze On Foreclosures For Holidays

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By CATHERINE DOLINSKI | The Tampa Tribune

Published: November 24, 2008

TALLAHASSSEE - "We've been talking about that for several days — even longer, actually — and I think it would be a good thing to be able to do," Crist said today.

The state's procedure for delaying or halting foreclosures – and Crist's authority to make that happen – remains fuzzy.

"I don't think it's something we could do directly from this office or from the Cabinet," Crist spokesman Sterling Ivey said. "That's really what's being explored right now: How something like that could take effect in Florida."

It would not be the first time a state made the attempt. On May 1, Massachusetts implemented a law forcing lenders to wait 90 days before seizing homes. California Gov. Arnold Schwarzenegger proposed a similar initiative this month. The California State Assembly is working on the legislation.

A foreclosure moratorium would be welcome news to many Florida homeowners and builders – but not the banks holding the notes on defaulted loans.

Asked about the fallout for banks, Crist said, "I want to try to work with the banking industry and do it in a way that is not harmful to them, because we want them to continue to succeed, to continue to loan money. But we want to stop the foreclosures, especially during the holidays."

Reporter Catherine Dolinski can be reached at (850) 222-8382 or cdolinski@tampatrib.com.

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