Lansing, MI Mayor Calls for Moratorium on Home Foreclosures

Thursday, November 12th, on MSNBC’s The Ed Show, Virg Bernero, mayor of Lansing, Michigan, called for a moratorium on home foreclosures:

ED SCHULTZ, MSNBC HOST: I know the housing market is still not stable for a lot of Americans. What -- have we done enough there? What would you do if you were in charge?

VIRG BERNERO, MAYOR OF LANSING, MICHIGAN: I just printed up another e-mail. I meant to bring it here. I printed it up and forgot it -- another e-mail from a person about to be evicted because of this adjustable rate that the company got them into. These mortgage companies, these mortgage folks got away with murder and a lot of these companies got bailed out. And they’re still screwing the homeowners.

So we need a moratorium. There’s no question about it. The greatest -- you talk about a stimulus. Look, I applaud the president for going after the credit card companies and the Congress for going after it. It looks like we’re going to finally get some reasonable restrictions, some consumer protection, finally, out of this Congress with this new president and he’s to be credited.

The Congress, for years, did nothing. You know, it’s been run by Wall Street. But we need a two-year moratorium, at least, on foreclosures. I would say, Ed, you know, homes under $200,000. Let’s have a moratorium. Let’s sort this out. Let’s give some people some breathing space in this tough economy.

Lord knows, you gave the breathing space to Wall Street. You helped out the big banks.

SCHULTZ: Yes. No doubt.

BERNERO: How about helping up the little guy?

SCHULTZ: I’m all about it.

BERNERO: On Main Street. You know.

SCHULTZ: I’m all about it. The mayor of Lansing, Michigan, Virg Bernero, with us tonight. Way to tell it like it is, my friend. We’ve got to have you back. Thanks so much.

BERNERO: Thanks, Ed.

SCHULTZ: You bet.

BERNERO: Appreciate your efforts.

SCHULTZ: You bet.