OH-13 & 18: Space (D) and Sutton (D) Promote Mortgage Crisis Legislation
Kudos to Rep. Zack Space (D-Dover) and Rep. Betty Sutton (D-Copley Township) for continuing to take the lead on legislation to address the continuing mortgage crisis.
Yesterday the House Ways and Means Committee passed legislative language introduced by Space that would severely cut the "foreclosure tax" that occurs when mortgage debt wiped out in bankruptcy is treated as taxable income to the now homeless and bankrupt borrower. According to the press release, Committee Chairman Charles Rangel told Space that he "would like to applaud your leadership on this important issue, especially given that foreclosure rates in Ohio have risen 138% since August of 2006. Your state is just one example of the tremendous reach of the housing crisis, and its impact on working Americans."
Read the rest of this post at my new location, Ohio Daily Blog.