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Dems would give up moratorium to get deal on foreclosure help
The Democratic sponsors of legislation aimed at helping Ohioans survive the foreclosure crisis would consider giving up a six-month moratorium on foreclosures if it would help get a deal with the Republican-controlled Senate on other key elements of foreclosure prevention.
“If it helps the bill I’m willing to be practical,” state Rep. Michael Foley, D-Cleveland, said on Tuesday, March 30, after a press conference. Rep. Denise Driehaus, D-Cincinnati, joint sponsor with Foley of House Bill 3, also attended the press conference and said she would consider dropping the moratorium to get agreement with the Senate.
Key elements that Driehaus and Foley said need to stay in the bill include: state regulation of mortgage servicers and a requirement that a filing fee of $750 and a current appraisal accompany the filing for a residential mortgage foreclosure.
The two lawmakers complained that the Senate has taken no action on House Bill 3 since the house passed it last May and the foreclosure crisis has continued in Ohio. They also complained that the Senate hasn’t acted on House Bill 9, also passed by the House last May.
It protects tenants when their landlords face foreclosure.
Senate President Bill Harris, R-Ashland, said it was ‘good” that House Democrats would give up on the moratorium but expressed little interest in working on House Bill 3.
Rather, he said House Democrats should work with Senate Republicans on Senate Bill 197, sponsored by Sen. Shannon Jones, R-Springboro, setting up mandatory mediation in foreclosure cases.
Harris said he didn’t have a timetable for the Senate to act on Jones’ bill.
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Comments
By Buy Ambien
April 5, 2010 7:56 AM | Link to this
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By Braying at the Donkeys
March 30, 2010 10:48 PM | Link to this
Some things can’t be fixed by infusing more money, this is one. If Ohio cared about it’s people it would use this money to give them first month and deposit on a rental they can afford. Thing is, negotiating these loans down to keep people in their homes, these people are going to be back in default before the year is out. Artificially proping up home values locks out potential buyers who would buy at real market price and restart the housing market. This plan is another bank bailout plain and simple.
By b
March 30, 2010 6:54 PM | Link to this
Correction:moratorium
By bobby
March 30, 2010 6:46 PM | Link to this
@ Solid, Assume: $1,000 per month payment, times six months,times 90,000 foreclosures = $540,000,000. The $750. filing fee tmes 90,000 = $67.5 million. Appraisals and bonding are costs not factored. These costs would have no effect on rates? The Ohio House is as culpable as the Senate for waiting this long to “consider” giving up the moritorium provision.
By bobby
March 30, 2010 5:10 PM | Link to this
Mr. Hill I stand corrected. The judges are not given the power as was originally proposed. The Department of Commerce is given implied powers to modify under Sec. 1323.05 of this bill. The $750 filing fee is nothing more than a tax that will be passed through to consumers as all taxes are. I doubt that Mr. Harris’ check from the bankers was any more than the sponsors of HB3 received from the unions.
By HB 3 is a solid start
March 30, 2010 5:02 PM | Link to this
@Bobby The loan modification provision of HB 3 was removed last year, before it was passed out of the House. The pending legislation does not threaten contract law, nor does it risk impacting interest rates. Our state has experienced 14 years of record foreclosure rates, which reached nearly 90,000 last year. Inaction has cost Ohioans dearly in the form of community blight, plummeting property values, and unsustainable costs to local governments and small business districts. All legislators should be considering a solution to this longstanding crisis. Presently, the Ohio Senate does not have a timetable for its own bill. It would be a shame for this to be another record year of foreclosures due lack of interest in the Ohio Senate.
By Hank Hill
March 30, 2010 4:11 PM | Link to this
Bobby, I think the Ds gave that provision up to appease the banks, it’s not anywhere in the webpage of the bill. Any luck? Nope, just another year of record foreclosures. As is often the case, republicans don’t have their facts right and are in it for the banks. I wonder how big Harris check from the bankers was.
By bobby
March 30, 2010 3:09 PM | Link to this
What did Foley and Driehaus say about the part of HB3 that empowers Common Pleas Judges or the Department of Commerce to modify loans (reduce principal, modify interest rates). Did they mention that this bill contravenes traditional principals of contract law and is probably unconstitutional? Was there any discussion about the Mortgage Bankers Association’s opinion that this bill would probably raise interest rates on Ohio home loans by 1.5%. This is in addition to the money grab by counties, the Ohio Housing Fund, and advocacy groups. Senator Harris is right to ignore this bill.
By what??
March 30, 2010 1:14 PM | Link to this
Seven hundred and fifty dollars is an outrage.There are federal programs for mortgage assistance. This is a money grab by county government and housing advocacy groups. HELL NO! These clowns should be worring about jobs. Unemployed people can’t pay their mortgages.