Nine major mortgage loan providers in Ohio signed a pact with state authorities that is being hailed by many as a bold new step towards keeping homeowners out of foreclosure that has not been seen anywhere else in the nation. The nine companies, which cover about 55% of the mortgages currently in effect in Ohio, have agreed to pursue several paths of action designed to slow the foreclosure rate by helping homeowners in default pay off their debts and avoid foreclosure.

As Minnesota is currently experiencing a record number of homeowners in default facing foreclosure and foreclosure properties currently on the market, the state is making solid moves to come to the aid of indebted borrowers. The state will use a $4.3 million grant to help an estimated 7,000 borrowers avoid a foreclosure in 2008.

The citizens of Philadelphia banded together on Tuesday to protest the work of the Bush administration’s newly established “Hope Now Alliance”, a partnership between prmonent mortgage lenders, bankers and the U.S. treasury department aimed at easing the rate of foreclosure.

In an effort to step up existing programs aimed at curbing the trend in foreclosures throughout the state, Ohio state officials announced on Wednesday plans to provide owners of distressed properties with free legal aid.

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