Why Wait for the Fed

Philadelphia city officials are taking matters into their own hands with a foreclosure moratorium, housingwire.com says.

Expect to see more of this as cities and towns get tired of waiting for the government to act, especially during an election year. No doubt the lending industry will put up a fight and it’s not clear if towns are on solid legal footing in their efforts.

But they clearly feel like they’ve got to do something – especially when no one else is.