San Francisco City Council Calls For Foreclosure Moratorium

The San Francisco Board of Supervisors voted unanimously on Tuesday to call for a foreclosure moratorium in the city until federal and state protections against foreclosure fraud are developed. “Every day, families, seniors and children wake up with the fear of losing their homes through foreclosures. I look forward to working with Mayor Ed Lee to use the full weight of the City in urging banks, especially our City banking partners, Wells Fargo, Bank of America and Union Bank, to stop foreclosure activities until currently proposed state and federal measures to protect homeowner and tenant rights are in full effect,” said Supervisor John Avalos, who introduced the non-binding resolution. Earlier this year, an audit of San Francisco foreclosures found that nearly all of them had legal problems or suspicious documents.