February 12th, 2009 by Reed Allmand 
According to an article in the Dallas Morning News, John Reich, director of the Office of Thrift Supervision urged over 800 thrift institutions to suspend all foreclosures pending the release of President Obama’s plan designed to combat foreclosures.
The article quoted Reich:
Of course "we’re not going to try to force anyone (banks) to comply" because we are not taking this foreclosure crisis serious enough. Homeowners facing foreclosure are being forced to comply with toxic mortgages that should have never been allowed on the marketplace and that they can’t modify (in many cases) because no one wants to force anyone (banks) to comply or do something that might make them uncomfortable (or lose a profit). This is why it has been so difficult to pass legislation that will allow homeowners facing foreclosure to modify toxic mortgages in Chapter 13 bankruptcy. We must stop walking on egg shells with banks and mortgage servicers, it is time to look out for the everyday homeowners who are at risk of losing their homes to foreclosure if we don’t take effective action now.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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