Brown’s bill would help struggling homeowners
Portsmouth Daily Times – Since the start of 2012, 190 homes in Scioto County have been foreclosed on. U.S. Sen. Sherrod Brown says Ohio homeowners are facing stonewalling and silence from banks, so he has sponsored the Foreclosure Fraud and Homeowner Abuse Prevention Act, which would require banks to consider modification before proceeding to foreclosure and ensure adequate procedures and staffing levels to modify loans.
“Too many homeowners can’t afford their mortgage costs; are behind on their payments; or they owe more than their house is worth,” Brown said. “We know in Ohio it wasn’t due largely to speculation by homeowners taking out mortgages they couldn’t afford, as it was in many other states. It was caused by years of manufacturing job loss and other job loss. We’ve had nearly 24 straight months of private sector job growth; too many Ohioans are still struggling to find work.”
