back from o.a.r. in columbus

Ohio Assoc. of Realtors annual convention in Columbus ended today. The highlight for me was attending the Legislative Committee where Ohio Treasurer of State Richard Cordray spoke, outlining the state's approaches to handling the mortgage foreclosure crisis.
One of the initiatives I hadn't heard of before was a bill passed in December '06 which mandates that students entering high school in 2010 receive personal financial education. Cordray co-chairs the Treasurer of State Committee that is working to implement the bill. About 300 Ohio teachers have already been trained in the program and it is already implemented in about 200 schools.
Cordray is working with the Franklin County Save Our Homes task force, an established leader in foreclosure intervention training for homeowners and professionals , and he is working with them to develop a SOH starter kit for implementation in other counties.
Another initiative in the state mentioned in the Legislative Committee was the Montgomery County Auditor's efforts to work through recorded mortgages and identify ARMs that will reset so that homeowners can be made aware of their impending situation. The work is difficult, but is being looked upon as a possible model for around the state. In our Richland County Predatory Lending Task Force that I've been attending, I have previously suggested this approach.
On the federal level, HR 1825 would eliminate the statutory 3 percent minimum down payment on FHA mortgages and give them flexibility to offer varying down-payment terms. This bill has been voted out of the House Financial Services Committee for a floor vote likely in Sept. This bill has Presidential support.
SB 1394 and HR 1876 would eliminate treating the forgiven indebtedness resulting from a short sale as income. Voinavich is a co-sponsor of the the Senate version and this bill also has presidential support.
In other sessions I attended, the effects of foreclosures are a major source of concern.
What's bad news for some may be good news for others because there will be an increased supply of tenants moving back into rentals. In the recent past, renters who were being turned down for apartments based on their poor credit, could turn around and be approved for a home mortgage.
One more related thing: at our Directors meeting we unanimously approved a committee recommendation to fund the completion of a Vacant Property Costs Impact Study in Ohio Cities that is being undertaken by ReBuild Ohio.