White House Not Backing Foreclosure Moratorium

The wave of botched foreclosures is a "serious problem," David Axelrod told CBS today, but shutting the process down entirely isn't likely the solution because "there are in fact valid foreclosures that probably should go forward." "Our hope is this moves rapidly and that this gets unwound very, very quickly," President Obama's senior adviser said.

Axelrod found an unlikely ally in Rep. Eric Cantor, who outright rejected a moratorium: "You're going to shut down the housing industry. People have to take responsibility for themselves." The issue is gaining legs as politicians head to the Nov. 2 elections: Harry Reid, however, in a re-election dogfight in battered Nevada, has recently asked five lenders to halt foreclosures in his state. Top Florida Dem Debbie Wasserman also got behind a moratorium, reports the AP. (More David Axelrod stories.)