Mortgage relief bill expected to pass

Columbus Dispatch

WASHINGTON --When the Senate returns Monday from its Fourth of July recess, members will try again to pass a stalled package of mortgage relief and reform that could have a major impact on homeowners in Ohio, where foreclosures have become a crisis.

"This legislation would help set a floor for prices," said Jerry Howard, chief executive of the National Association of Home Builders. "It wouldn't completely stop the foreclosures, but it would stop the downward spiral."

Ohio Democrat Sen. Sherrod Brown supports the bill, which has a provision providing funds to help communities rehab vacant houses in foreclosure to prevent neighborhood blight. Noting that Ohio had nearly 85,000 foreclosures last year, Brown said in a statement that "we must act swiftly to reverse this trend and invest in our neighborhoods."

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