Many legislators are working towards a national moratorium on foreclosure sales. According to Edolphus Towns, U.S. Representative and Chairman of the House Committee on Oversight and Government Reform, "The implications of ignoring the foreclosure problems are far too great to be ignored."

Towns believes that the top 10 mortgage lenders should suspend foreclosure proceedings immediately.

On the flip side, Mortgage Bankers Association of America along with the Financial Services Roundtable has acknowledged that nearly all of the bank foreclosures that have been reviewed are coming up legitimate.

The statement claimed, "Calls for a blanket national moratorium on all foreclosures are a bad idea and would cause significant harm to communities at risk, the unstable housing market and the fragile economy."