Toledo Blade: Brown: Speed up ‘short sales’

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Toledo Blade: Brown: Speed up ‘short sales’

U.S. Sen. Sherrod Brown said Wednesday he will push legislation aimed at speeding up the process of real estate “short sales” as a way of getting the nation’s housing market, and by extension the economy, back on track.

In a conference call with reporters, Mr. Brown (D., Ohio), said red tape among the nation’s largest banks is delaying and often killing short sales, causing potential home sales to break down and prolonging the foreclosure or distressed home dilemma in the housing market.

A short sale is an agreed-upon sale of real estate in which the proceeds from selling the property fall short of the mortgage amount owed by the seller.

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