Posted yesterday at Ohio Daily Blog, Jeff’s thorough coverage of the joint press conference held Thursday by the Treasurers of the U.S., Ohio and Cuyahoga County at Mt. Pleasant Neighborhood Family Service Center. With audio.
Probably the highlights of the officials’ statements were the U.S. Treasurer acknowledging that something like half of the 2.2 million homeowners who face adjustable rate mortgage interest resets during the next two years won’t have the financial ability to meet their new payment obligations, and County Treasurer Rokakis citing a Congressional Budget Office study that concluded that every foreclosure costs the affected community $224,000, while loan workouts on average cost only $3,300. Although Ohio Treasurer Cordray included “funding” in his description of the role that the federal government needs to play in response to the crisis, the U.S. Treasurer carefully avoided mentioning any kind of financial assistance in her remarks, focusing instead on amending lending laws, encouraging lenders to restructure loans, and educating consumers about credit products.