The White House is resisting calls for a national moratorium on foreclosures despite revelations that major lenders may have committed fraud while forcing thousands of people out of their homes. On Friday, Bank of America became the first bank to halt foreclosures in all fifty states. JPMorgan Chase and Ally Financial have suspended foreclosures in twenty-three states. But on Sunday White House adviser David Axelrod said a national moratorium is not needed.

David Axelrod on Face the Nation: “We’re working with these institutions. I’m not sure about a national moratorium, because there are, in fact, valid foreclosures that probably should go forward.”

Federal Housing Administration Commissioner David Stevens also opposes a nationwide moratorium, telling the Washington Post it is not the “prudent step to take in this fragile housing market.” Meanwhile, the Washington Post reports the attorneys general of up to forty states plan to announce soon a joint investigation into banks’ use of flawed foreclosure paperwork.