Would a moratorium help the foreclosure crisis?

I typically don't pay attention to bill introductions at the start of a legislative session.

But given all the stuff we've been writing lately on foreclosure, I thought I'd highlight the newest effort to stop foreclosures and just ask aloud: What would it mean for the Twin Cities housing market?

The Session Daily has a good synopsis of the bills and where they're headed next.

Doing this job, I've certainly run across lots of people who could use that kind of break, who ended up losing their home, sometimes through no fault of their own.

There's some evidence we're in a foreclosure lull right now and that the number of foreclosures could start to pick up again this year.

But the economist side of my brain knows that incentives rarely work as well, or as surgically, as they are intended. There are always consequences.

There are protections already for homeowners in trouble.

Here's a quick read from the Minnesota Attorney General's Office for people facing foreclosure.

And a 2009 law allows homeowners to postpone the sheriff's sale for five months.

Help us understand why we'd need an extended moratorium. Or talk about what kind of challenges that might create.

Post below or contact me directly and we'll see if we can get a conversation going.

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