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Group Employs Public/Private Funding for Distressed Property Purchases

U.S. Housing Renewal is a newly formed organization, created to help struggling Americans reclaim homeownership and help American financial institutions strengthen their balance sheets. The Nashville-based group combines public and private funds for the purpose of purchasing non-performing housing assets from financial institutions and transforming these properties into two-year lease-to-own situations for families who have either lost their homes or have been unable to purchase in the current financial environment.

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Ohio Considers Foreclosure Legislation

The Ohio Legislature has introduced several bills aimed at fighting the foreclosure crisis in the state. Ohio has one of the highest foreclosure rates in the country. Residential foreclosures in the Buckeye State were ranked the 10th highest in the nation in RealtyTrac’s latest market report, with one in every 452 homes receiving a foreclosure filing in January.

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Obama Nominates Three Treasury Posts

President Barack Obama has announced the nomination of three senior advisers for key positions within the U.S. Treasury Department. Hand-picked for assistant secretary positions are David Cohen, to lead the administration’s fight against terrorist financing; Alan Krueger, to steer economic policy; and Kim Wallace, to oversee legislative affairs.

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Pennsylvania Steps Up Foreclosure Fight

Pennsylvania Gov. Edward D. Rendell announced on Monday an emergency executive action= intended to provide immediate relief to struggling homeowners in the state. The governor is directing $5 million in state funding to be used for mortgage assistance to ensure that recently unemployed workers can keep their homes while they are retraining and finding new jobs, the governor’s office said in a press statement.

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Freddie Investigating Own Lobbying

McLean, Virgina-based mortgage giant Freddie Mac has hired a team of lawyers to investigate the company’s own lobbying efforts. Under scrutiny is a campaign that tallied $2 billion, and according to an Associated Press:http://www.

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Cramdown Bill Passes House

The U.S. House of Representatives approved legislation on Thursday that will allow bankruptcy judges to reduce the principal amount of mortgage loans. The proposed law has received stiff opposition from the banking and mortgage industries, but the Obama administration and Democratic lawmakers have been unrelenting in pushing the so-called cramdown legislation through Congress.

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