February 10, 2006
Home-loan fraud under the scanner in Ohio
If you live in Ohio, you must dread having to get a mortgage loan. People in Ohio can now breathe a sigh of relief. For long the predatory lending tactics and high foreclosure rates of mortgage loan companies have plagued them. Now, help seems at hand. Ohio seems to be taking its bid to crack down on these two problems quite seriously. Republican state senators recently unveiled a compromise bill. This proposed bill plans to expand the Consumer Sales Practices Act to cover most mortgage brokers and loan officers.
The changes proposed in the bill could give the Ohio attorney general's office authority to prosecute offenders. This will overcome the problems that the Department of Commerce faces due to weaker regulations. News.enquirer.com reports:
Ohio's nearly 3.2 percent foreclosure rate at the end of third-quarter 2005 is the nation's highest, according to the Mortgage Bankers Association. The national average was just under 1 percent.
Read more: Ohio bill targets home-loan fraud
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