Senator seeking foreclosure aid here, too

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Senator seeking foreclosure aid here, too

Marion Star – MANSFIELD — Sen. Sherrod Brown has called on President Obama to expand his recently announced foreclosure assistance program to Ohio.

The state was excluded from the Obama Administration’s $1.5 billion foreclosure relief plan. The president announced recently that Troubled Asset Relief Program money would be used to help five states hit hardest by foreclosures: Arizona, California, Florida, Michigan and Nevada.

Those states saw delinquency rates reach higher than 12.5 percent. The Mortgage Bankers Association reported Ohio’s fourth quarter delinquency rate in 2009 was 11.5 percent.

Brown pointed to Ohio’s record number of foreclosure filings in 2009 and the statistics showing foreclosures have increased steadily for 14 years.

“But if Ohio doesn’t meet the criteria in the president’s plan, the criteria are wrong,” Brown said last week. “Decline in home prices should not be a deciding factor, as that seems to tilt relief to the states with the most speculation. I’m far more concerned about middle class homeowners than people who gambled on unsustainable growth in real estate prices.”

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