Ohio to Sell Bonds to Avert Home Foreclosures

March 24, 2007
Ohio to Sell Bonds to Avert Home Foreclosures

Ohio, which had the highest foreclosure rate in the nation at the end of last year, plans to issue $100 million in taxable municipal bonds next month to help homeowners refinance mortgages.

Proceeds of the bond issue by the Ohio Housing Finance Agency will finance 1,000 loans with a fixed rate of 6.75 percent, said Robert Connell, director of debt management at the agency.

"We believe that it is incumbent on this agency to do something to assist these folks to enable them to keep their homes," Mr. Connell said. "A $100 million bond from this agency is not going to solve Ohio's foreclosure problem. We hope to at least make a dent."