Moratorium Declared On All Detroit-Area Foreclosure Sales

In Detroit, Michigan, the Detroit Free Press reports:

• Wayne County Sheriff Warren Evans announced today that his office is refusing to enforce sales of foreclosed homes as the real estate crisis continues to drain the region. Evans made the announcement this morning at a press conference, several days after he urged Gov. Jennifer Granholm to impose a moratorium on home foreclosures.

• "Today I will be stopping all mortgage foreclosure sales in Wayne County beginning with the sale that was scheduled for this Wednesday," Evans said. "I am doing so because it's my opinion that recently enacted federal laws provide protections for homeowners facing foreclosure."(1)

For more, see Evans says county will not enforce foreclosure sales.

(1) Reportedly, Evans said the Troubled Asset Relief Program, or TARP, approved by Congress last fall requires the Secretary of the Treasury to implement a plan to mitigate foreclosures and to encourage services of mortgagers to modify loans to enable homeowners to stay in their homes. He said federal law pre-empts state law. Coincidentally, Evans is also running for mayor of Detroit.