Official seeks foreclosure moratorium

SAN DIEGO, Aug. 26 (UPI) -- San Diego City Attorney Mike Aguirre will ask the City Council to declare a moratorium on home foreclosures, he told Legal Newsline on Tuesday.

Aguirre said he will formally make his request to councilors during their Sept. 9 meeting. On Tuesday, Aguirre's office submitted a draft resolution seeking the crisis designation, Legal Newsline reported.

"According to the latest reports," Aguirre said, "foreclosures in the city are up 213 percent, the highest number in the history of the city."

Aguirre's draft resolution states: "The City of San Diego is experiencing a crisis in the real estate market fueled by an unprecedented number of foreclosures in the wake of lending institutions' predatory lending practice and widespread use of sub-prime loans."

If approved, the resolution would urge lending institutions with sub-prime loans involving owner-occupied residences in the city voluntarily institute a moratorium on foreclosures and evictions of homeowners who meet certain criteria, the report said.