130th Ohio General Assembly
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H. C. R. No. 24  As Introduced
As Introduced

127th General Assembly
Regular Session
2007-2008
H. C. R. No. 24


Representative Driehaus 



A CONCURRENT RESOLUTION
To memorialize the Congress of the United States to pass the Mortgage Cancellation Relief Act of 2007.


BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF OHIO
(THE SENATE CONCURRING):


       WHEREAS, Nationwide, foreclosure rates have increased significantly; and

       WHEREAS, In 2006, the State of Ohio experienced the highest foreclosure rate in the nation; and

       WHEREAS, Homes are often sold in foreclosure proceedings for less than the outstanding debt; and

       WHEREAS, Residential foreclosures represent substantial economic loss to individuals and families; and

       WHEREAS, Predatory lending practices, inflated appraisals, and declining home prices, have lead to more and more individuals owing more on a home than it is worth; and

       WHEREAS, Lenders who forgive part of a mortgage loan or who forgive outstanding debt that results from a residential mortgage foreclosure are acting responsibly and serving the public interest; and

       WHEREAS, The Internal Revenue Service currently taxes loan forgiveness as income; and

       WHEREAS, Debt forgiven by a lender does not represent actual income; now therefore be it

       RESOLVED, That the members of the 127th General Assembly of the State of Ohio urge the Congress of the United States to pass the Mortgage Cancellation Relief Act of 2007, to exempt discharged qualified residential debt from an individual's income tax liability; and be it further

       RESOLVED, That the Clerk of the House of Representatives transmit duly authenticated copies of this resolution to the President of the United States, to the Speaker and the Clerk of the United States House of Representatives, to the President Pro Tempore and the Secretary of the United States Senate, to the members of the Ohio Congressional delegation, and to the news media of Ohio.

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