COLUMBUS, Ohio (AP) - A bill in the Ohio Legislature would put a six-month moratorium on home foreclosures.
The bill that passed a House committee yesterday also directs the Ohio Department of Commerce to develop standards on how loan servicers should work out terms with homeowners to prevent foreclosure.
Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio, says the effectiveness of a moratorium might be limited. For borrowers to qualify, they must continue to make at least half their monthly mortgage payment.
The bill moves to the full House, where Democrats hold a majority. If it passes, it heads to the Republican-controlled Senate, where President Bill Harris says he has not read it but is willing to consider a moratorium.