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Foreclosure pause is rejected

The Obama administration rejected calls for a nationwide moratorium on housing foreclosures amid fears that such a move could cripple an already-slow recovery of the U.S. housing market.

WASHINGTON – The Obama administration rejected calls for a nationwide moratorium on housing foreclosures amid fears that such a move could cripple an already-slow recovery of the U.S. housing market.

White House spokesman Robert Gibbs signaled yesterday the administration’s wariness of backing populist calls to halt evictions. A moratorium would benefit only a small minority of homeowners while risking a backlash from voters if it impeded the economy.

 
 
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