Mayor Barrett Supports Increasing Mortgage Costs for Responsible People
No.
Milwaukee Mayor Tom Barrett has asked for a 60-day moratorium on foreclosures in a letter to Chief Circuit Judge Jeffrey Kremers.
A 60-day moratorium on foreclosures will result in people staying in homes that they can’t afford for an additional two months. Guess who pays the cost of that? The banks and mortgage companies. Guess how they recoup those costs? By passing on the costs to new mortgages in the form of higher interest rates. In the end, the folks who can afford their mortgages will have to pick up the slack for this moratorium. Everything has a cost.
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