Post of Three of 2nd Round Hardest Hit Proposals as Submitted to Treasury.

Readers may recall that I have previously posted in the right pane my collection of Hardest Hit proposals submitted by the first round Hardest Hit states, as submitted to Treasury (Hardest Hit Plan Submissions, First Round States). [The only missing first round proposal is for Nevada, who has routinely ignored my public record requests. While I would likely win on the merits under Nevada open records law I would be required to go to court in order to prevail].

Second Round Hardest Hit Applicant Proposals Post: 3 Down, 2 to Go.
Second round Hardest Hit proposals were due to Treasury by COB June 1st; I am happy to say that Oregon was the first of second round states to post their Hardest Hit proposal, with Rhode Island close behind. 

You can find the Ohio, Oregon, and Rhode Island initial proposals sent to Treasury in the right pane under the link,  Hardest Hit Plan Submissions, SECOND Round States.

I will continue to follow up with North and South Carolina to see if I can get their submissions and will do add those plans to the 2nd round plan link in the right pane upon receipt.

Originally created and posted on the Oregon Housing Blog.  

Ohio Revenue Bond Official Statement Signals Expected Use for Subprime ARM Refinancing.

A recent housing revenue bond offical statement (Series J) from Ohio signals the expected use of mortgage revenue bonds for refinancing of ARM/sub prime loans, as permitted by this summer's housing legislation and extra bond allocation to states.

I have posted the full official statement HERE. The relevant language is found on page 39:

"In April, 2007, OHFA began a program to assist homebuyers who do not qualify under the First-Time Homebuyer Program to refinance existing mortgages (the "Refinancing Program"). To date, OHFA has not financed the purchase of mortgage loans originated under the Refinancing Program with bonds issued on a parity with the Residential Mortgage Revenue Bonds issued under the Trust Indenture, but instead has financed the Refinancing Program from other sources. HERA recently enacted by Congress and signed by the President on July 30, 2008. HERA permits the use of proceeds of tax-exempt bonds, such as the Bonds, to finance the purchase of certain qualifying mortgage loans originated to refinance existing mortgages. OHFA expects to implement a program to enable it, as permitted by HERA, to finance the purchase of qualifying refinance mortgage loans under the Refinancing Program or other programs of OHFA with Residential Mortgage Revenue Bonds issued under the Trust Indenture. This program, if implemented, may apply to the use of the proceeds of the Bonds."