Ohio homeowners need a hand

U.S. Rep Maxine Waters, head of housing subcommittee, wants foreclosure rescue package by July 4; calls Countrywide exec 'poster child' for housing mess.

Congress must come together on a government rescue package to resolve the nation's foreclosure crisis, which has hit Ohio particularly hard, a leading House Democrat said Monday.

U.S. Rep. Maxine Waters, D-Calif., who chairs the subcommittee on Housing and Community Opportunity, told an audience at Cleveland State University that she hopes the House can negotiate a foreclosure rescue package with the Senate that will reach President Bush's desk by July 4.

Ohio has been particularly vulnerable to subprime lending and its aftereffects, Waters said.

"Because of the challenges it has faced economically over the past number of years with the loss of manufacturing jobs and population from certain parts of the state, Ohio was truly the canary in the coal mine of the foreclosure crisis," Waters said.

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