Ohio House Approves Foreclosure Moratorium

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The Ohio House has approved legislation that would place a six-month moratorium on foreclosures in some cases. The Democratic-controlled House voted 54-43, largely along party lines, to approve the bill Wednesday.

It would allow homeowners who can pay at least half of their mortgage payment to put off foreclosure for six months. It also would require lenders to pay $750 to the state when they initiate foreclosure proceedings.

Democrats say it will let more people stay in their homes and give the parties more time to agree on a new plan.

Republicans say it simply delays foreclosure and drives up costs for other homeowners. The bill now heads to the Republican-controlled Senate, which has been focusing on the two-year budget.

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