CINCINNATI (TDB) -- Democratic Congressional candidate Vic Wulsin says the foreclosure crisis is so serious that 75 homes are on the market over defaults in Loveland, an affluent Cincinnati suburb. Republican U.S. Rep. Jean Schmidt, who now holds the OH-02 seat, lives in that community.
Wulsin says Schmidt is out of touch and voted against the Mortgage Reform and Anti-Predatory Lending Act that passed the House by a 291-127 margin last week. There were 64 Republicans who supported the bill, which establishes lending standards.
Overall, according to Wulsin, there are 2,103 foreclosures pending in Cincinnati. Ohio has the third highest foreclosure rate in the nation. Wulsin says she would have supported the bill, HR 2915. The Wulsin campaign pointed to this Yahoo link as its source about foreclosure activity in Loveland. Wulsin contends Schmidt has had support from builders and bankers over the years, and favors real estate lenders over borrowers now struggling to hang onto their homes.
"I support this bipartisan, common sense effort to rein in an industry that has spun out of control, and would have voted for it. I believe we must protect all Americans from unfair and predatory lending practices.
"We need to stand up for our hard working families, not the Wall Street insiders who made billions when times were good and are now looking for a government bailout. Maybe she's listening to the developers who have supported her political career. . . I have one question for Jean Schmidt: Isn't it Congress' job to protect families who save up and buy a home in good faith, and then lose it because the system was rigged from the start against them."