Posted May 22, 200520 yr From the 5/22/05 Plain Dealer: Backlog of foreclosures bogging down suburbs Leaders want faster process in Cuyahoga Saturday, May 21, 2005 Thomas Ott Plain Dealer Reporter Alarmed by an increase in vacant homes, Cleveland's older suburbs want Cuyahoga County Common Pleas Court to deal faster with a staggering pile of foreclosure cases. City leaders will meet Tuesday with court and other county officials to discuss ways of more quickly getting homes into the hands of taxpaying owners. Mortgage lenders and lawyers also will attend. More at cleveland.com http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/1116668004291430.xml&coll=2
May 22, 200520 yr ^he oughta ask east cleveland, lorain and youngstown what to do. they have experience in this. uuugggh.
May 23, 200520 yr Wow is Cleveland losing this many jobs? I wonder why didn't the people file for bankruptcy before the house was taken?? Ohh yeah if they couldn't make their monthly mortgage i guess they couldn't affford the $650 it cost for bankruptcy.
May 23, 200520 yr You don't have to lose a job to lose a house. Poor financial literacy, loose credit, predatory lending, and rising costs of other things, such as healthcare, cause alot of these foreclosures. Job loss is a major factor, but not the only one.
May 23, 200520 yr True, but that's why i said they shouod have filed for bankruptcy. It's going to be much harder to file in oct, because of the new bankruptcy laws.
June 15, 200519 yr From the 6/14/05 Plain Dealer: Red Tape Keeps Abandoned Property in Limbo Thomas Ott Plain Dealer (Cleveland) June 14, 2005 Thousands of abandoned buildings and vacant lots fester in Cleveland because they get mired in the city's system for dealing with them, a new report says. Cleveland doesn't budget enough for inspections, and workers in various city departments don't communicate enough, which results in prolonged neglect and hinders redevelopment, the National Vacant Properties Campaign says in a report that will be released Tuesday. More from cleveland.com http://www.knowledgeplex.org/news/97254.html
June 24, 200519 yr From the 6/24/05 Dayton Daily News: Weak economy, predatory lending lead to foreclosure leap By Cathy Mong, Shaheen Samavati Dayton Daily News DAYTON | For the second year in a row, Montgomery County leads the state in the number of foreclosures per person. According to Policy Matters Ohio, a Cleveland-based research organization, 4,002 foreclosures were filed in 2004 among the county's 550,063 residents — that's one filing per 137.4 people. More at http://www.daytondailynews.com/localnews/content/localnews/daily/0624foreclosures.html
August 26, 200519 yr From the 8/25/05 PD: County aims to speed up foreclosure while aiding struggling homeowners Thursday, August 25, 2005 Thomas Ott Plain Dealer Reporter Cuyahoga County commissioners will try to break up a huge logjam of foreclosure cases while throwing lifelines to struggling homeowners. A report that the commissioners will release today recommends sweeping reforms that would get houses back on the market sooner. More at cleveland.com http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/1124962305227260.xml&coll=2 Proposals for easing foreclosure problem Thursday, August 25, 2005 The Cuyahoga County commissioners will study ways to prevent foreclosures and more quickly move foreclosure cases through the courts. The proposals include: More at cleveland.com http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/1124962311227260.xml&coll=2
August 31, 200519 yr From the 8/29/05 PD: Suburban foreclosures on increase in NE Ohio Monday, August 29, 2005 Mark Rollenhagen Plain Dealer Reporter The million-dollar home nestled in the woods above a creek in Gates Mills is a world away from the gritty streets and economic hard times of Cleveland and its near suburbs. So is the $340,000 home in Berea that backs up to the Rocky River Reservation of the Cleveland Metroparks and the $245,000 bungalow on Saddler Road in Bay Village. More at cleveland.com http://www.cleveland.com/cuyahoga/plaindealer/index.ssf?/base/cuyahoga/1125307827194321.xml&coll=2
September 11, 200519 yr From the 9/8/05 Dayton Daily News: Warning issued on predatory lending Officials say new bill would dilute existing laws By Jaclyn Giovis Dayton Daily News DAYTON | State and federal officials from four states warned Wednesday that a bill in Congress would create a weak federal standard for addressing predatory mortgage lending practices and dilute existing laws in 36 states, including Ohio, which leads the nation in mortgage foreclosure filings per capita. In a telephone news conference hosted by the Center for Responsible Lending, U.S. Rep. Brad Miller (D-N.C.), New Mexico Chief Deputy Attorney General Stuart Bluestone, Massachusetts Rep. John Quinn (Dartmouth) and New Jersey Director of Banking H. Robert Tillman opposed the pending Ney-Kanjorski bill. More at http://www.daytondailynews.com/business/content/business/daily/0908predatory.html
September 21, 200519 yr Numbers confirmed by the Mortgage Bankers Association of America. The first article is from the 9/19/05 Columbus Business First: Foreclosures on pace to set new high in '05 Kevin Kemper Business First David Turner has spent much of the last three years driving through neighborhoods south of Interstate 70. The communities are fairly new, often no more than seven years old, and feature housing put up by some of the region's largest home builders, including locally based M/I Homes Inc. and Dominion Homes Inc. Despite their young age, however, many of the neighborhoods are suffering. It's a point demonstrated by the fact that Turner is there. ... http://columbus.bizjournals.com/columbus/stories/2005/09/19/story1.html From the 9/19/05 AP: Foreclosures rising Associated Press COLUMBUS - Aggressive mortgage brokers and appraisers are contributing to the rising foreclosure rate in Ohio, where mortgages fail more than any other state, the Columbus Dispatch reported Sunday in the first part of a four-part series. More than 59,000 foreclosure notices were filed in Ohio last year. In the first half of 2005, 3.3 percent of state home loans were in foreclosure, more than triple the national average, according to the Mortgage Bankers Association. An analysis of federal data by the Dispatch shows that more Ohio residents are borrowing many times their annual income or taking interest-only loans with payments that increase sharply after a few years. Brokers and appraisers who profit regardless of whether loans succeed or fail are laying the foundation for foreclosures, the newspaper reported. And consumer advocates say lax state oversight is only building on the problem. ... http://news.cincypost.com/apps/pbcs.dll/article?AID=/20050919/NEWS01/509190363
September 29, 200519 yr From the 9/23/05 Cincinnati Business Courier: Legislature examines predatory lending bill Worried about predatory lending, Ohio legislators will consider a bill to extend the state's Consumer Sales Practices Act to mortgage lenders. The act, introduced Thursday by Sen. Joy Padgett, R-Coshocton, would allow the Ohio attorney general to sue lenders suspected of making deceptive loans. Some unscrupulous lenders have developed tactics to squeeze money out of unsuspecting homebuyers, said Attorney General Jim Petro. Lenders often hide fees or high interest rates in mortgages, or convince borrowers to take out loans they can't afford. Other lenders convince homeowners to refinance their homes often, racking up refinancing fees. ... http://www.bizjournals.com/cincinnati/stories/2005/09/19/daily40.html?from_rss=1
October 1, 200519 yr From the 9/28/05 Enquirer: Proposal aims to protect home buyers Crackdown on mortgage fraud, predatory loans sought By Alexander Coolidge Enquirer staff writer Ohio would become one of the last two states to expand consumer protection laws to cover mortgage broker practices, under proposed legislation designed to crack down on predatory lending. State Sen. Joy Padgett, R-Coshocton, last week introduced a bill amending the Consumer Sales Practices Act to give the attorney general's office jurisdiction to pursue mortgage lenders that engage in deceptive or unfair trade practices. More at http://news.enquirer.com/apps/pbcs.dll/article?AID=/20050928/BIZ01/509280337
October 4, 200519 yr From the 9/18/05 Dispatch: Ohio's Disgrace: No. 1 in Home Foreclosures Geoff Dutton Columbus Dispatch September 18, 2005 The American dream dies here every Friday morning, one house at a time. An auctioneer takes the stage in a Franklin County courthouse auditorium to sell houses whose owners are months behind on their mortgage payments. The process, routine and bureaucratic, has grown more lengthy as foreclosures have skyrocketed across Ohio. Mortgages go bad here more often than in any other state. More at http://www.knowledgeplex.org/news/115738.html From the 9/19/05 Dispatch: Mortgage Defaults and Suburban Blight in Ohio Jill Riepenhoff Columbus Dispatch September 19, 2005 Big dreams filled Rick and Christy Alonso when they bought their new house from Dominion Homes. Start a family. Build equity. Move to a larger house. But six months later, their suburban neighborhood on the Far West Side began to deteriorate. More at http://www.knowledgeplex.org/news/115924.html
October 4, 200519 yr From the 9/21/05 Dispatch: Ohio Climate Right for Mortgage-lending Reform? Geoff Dutton Columbus Dispatch September 21, 2005 Complaints about questionable mortgage lending have spread to suburbs and rural areas, even Amish country, spurring some Ohio politicians to demand stricter oversight of brokers, lenders and appraisers. The political climate has changed since Ohio tried to rein in mortgage lending three years ago with industry-friendly solutions. More at http://www.knowledgeplex.org/news/116450.html
October 8, 200519 yr From the 10/7/05 Dispatch: OUTREACH TO HOMEOWNERS Dominion aims to confront default issues Friday, October 07, 2005 Jill Riepenhoff THE COLUMBUS DISPATCH Dispatch investigative report Brokered Dreams Ohio leads the nation in home foreclosure, a problem fueled by a weak economy, aggressive mortgage brokers, financial overreaching and tepid state oversight. With hundreds of its customers struggling to pay their mortgages, a Dominion Homes executive said the company needs to create programs and policies to help financially troubled buyers avoid foreclosure. More at http://www.dispatch.com/reports-story.php?story=dispatch/2005/10/07/20051007-A1-03.html
October 10, 200519 yr From the 10/9/05 PD: Deals leave home buyers devastated Sunday, October 09, 2005 Michael O'Malley Plain Dealer Reporter Angela Brown of Euclid, a single mother living with little income in a government-subsidized apartment, bought five houses in one day, qualifying for hundreds of thousands of dollars in loans that she has no way of paying off. David Crosby of Cleveland, a night-shift postal worker, bought six houses - four in one day - through an identical loan deal that plunged him into a sea of debt. More at cleveland.com http://www.cleveland.com/cuyahoga/plaindealer/index.ssf?/base/cuyahoga/1128850430291451.xml&coll=2
October 15, 200519 yr From the 10/14/05 AP: Taft targets bad lenders Associated Press COLUMBUS, Ohio - Ohio's nationally-high foreclosure rate has prompted Gov. Bob Taft to devote another $1.5 million this year to fight predatory lending. Taft directed the Commerce Department to seek approval from the State Controlling Board to spend the additional money. "These additional dollars will allow us to build on our current licensing, enforcement and consumer outreach initiatives, but we must do more to protect Ohioans from fraud," Taft said in a news release from his office while he's on a European trade mission. ... http://www.sunherald.com/mld/sunherald/business/12901562.htm
October 28, 200519 yr From the 10/27/05 Cincinnati Business Courier--a great idea: Driehaus wants fraud fines put in housing fund Ohio Rep. Steve Driehaus will try to convince U.S. District Judge Susan Dlott to recognize neighborhoods as victims of property flipping, so the fines of those convicted of the crime can be contributed to a community development fund. Driehaus and Legal Aide Society attorney Gary Pieples plan to make their case for the fund at an Oct. 27 sentencing hearing for three people who pleaded guilty to mortgage-fraud charges after a federal probe into the practice. Prosecutors have secured convictions against 30 real estate investors, appraisers and loan officers who conspired to commit bank fraud by buying and selling property at inflated values. Sentencing for the flipping convicts began earlier this week and are expected to continue for several more weeks. ... http://www.bizjournals.com/cincinnati/stories/2005/10/24/daily45.html?from_rss=1
October 31, 200519 yr From the 10/28/05 Dayton Daily News: Loan fraud force created By Tom Beyerlein Dayton Daily News DAYTON | Federal, state and Montgomery County officials Thursday announced creation of a task force to rout out scam artists who swindle lending institutions and homeowners with elaborate mortgage fraud schemes. They said previous, informal collaborations have succeeded, pointing to a 14-count federal indictment handed up last month against two men and two women. Prosecutors say the defendants fraudulently obtained more than $20 million in mortgage loans from 70 lenders since 1998 in a scheme involving the purchase of 350 homes, 300 of them in Montgomery County. Together with co-conspirators, the four allegedly pocketed $10 million and defrauded some 38 property investors. More at http://www.daytondailynews.com/localnews/content/localnews/daily/1028fraud.html
November 4, 200519 yr From the 11/2/05 PD: Law targets Cleveland vacant properties Wednesday, November 02, 2005 Susan Vinella Plain Dealer Reporter Cleveland soon could have a weapon to combat the scourge of abandoned homes, by forcing mortgage holders to identify who will maintain them. The proposed law, introduced at Monday's City Council meeting, would require mortgage holders to register with the city when they file for foreclosure and to provide names, addresses and phone numbers of who will maintain the properties once they are vacated. More at cleveland.com http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/1130927967257580.xml&coll=2
November 15, 200519 yr From the 11/12/05 Enquirer: Taft: Protect home buyers Says weak Ohio laws lead to predatory practices By Alexander Coolidge Enquirer staff writer Ohio Gov. Bob Taft wants to crack down on predatory lending by making the state's consumer protection laws applicable to mortgage brokers and loan officers. In a letter this week to legislators, Taft said regulation of the mortgage professionals falls short of protecting consumers. In addition to expanding the scope of the consumer sales practices act, he proposed tighter lender licensing, tougher conduct requirements and greater disclosure to consumers. More at http://news.enquirer.com/apps/pbcs.dll/article?AID=/20051112/BIZ01/511120338/1076/rss01
November 19, 200519 yr From the 11/16/05 PD: Campaign to target predatory lenders Cuyahoga to boost consumer awareness Wednesday, November 16, 2005 Thomas Ott Plain Dealer Reporter The posters flanking a Minnesota woman -- one headlined "Danger," the other, "Caution" -- bluntly captured the message that Cuyahoga County wants to send about predatory lenders. Cuyahoga officials met Tuesday with representatives of Don't Borrow Trouble Minnesota, a public-awareness campaign against lenders whose snare-laden mortgages and home-equity loans can cost homeowners their savings and property. More at cleveland.com http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/113213721111790.xml&coll=2
November 19, 200519 yr From the 11/13/05 Columbus Dispatch: Down-payment ‘help’ can hurt Cost of charity may be foreclosure, report says Sunday, November 13, 2005 Jill Riepenhoff and Geoff Dutton THE COLUMBUS DISPATCH Federal officials are sounding new alarms to home buyers: Beware of down-payment help from charities working with sellers. You’re likely going to pay more for your house, and you’re doubling the odds of falling behind on your government-backed mortgage, according to a soon-to-be-released report by the investigative arm of Congress. Taxpayers should take notice, too. ... http://www.dispatch.com/reports-story.php?story=dispatch/2005/11/13/20051113-A1-00.html
November 25, 200519 yr From the 11/22/05 PD: Higher foreclosure fees aim to reduce backlog Tuesday, November 22, 2005 Thomas Ott Plain Dealer Reporter Higher court fees paid by lenders will help Cuyahoga County whittle a huge backlog of foreclosures. Common Pleas judges will raise the filing fee on foreclosure cases from $275 to $475, perhaps as soon as today. The increase is expected to produce $1.5 million to $2 million a year to hire four more magistrates. More at cleveland.com http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/113265184295220.xml&coll=2
December 3, 200519 yr From the 11/30/05 Community Press: Driehaus: compensate neighborhoods for flipping BY KURT BACKSCHEIDER | COMMUNITY PRESS STAFF WRITER PRICE HILL -- State Rep. Steve Driehaus wants individuals found guilty of "property flipping" to pay back the neighborhoods they have affected. Driehaus (D-31st Dist.) said he has been working with the Legal Aide Society and the Greater Cincinnati Foundation to establish a housing fund that communities harmed by fraudulent investors can use to renovate and rebuild housing stock. "I believe we have an opportunity to require remuneration from those who have so victimized our neighborhoods," he said. ... http://news.communitypress.com/apps/pbcs.dll/article?AID=/20051130/NEWS01/511300439/1074/Local
December 5, 200519 yr From the 12/1/05 Dayton Daily News: Court considers cities' power, lending Predatory loans at heart of case to be decided By Laura A. Bischoff Dayton Daily News COLUMBUS | A case before the Ohio Supreme Court could decide how much power cities have to make their own laws, particularly when it comes to regulating predatory lending. Justices heard arguments Wednesday from lawyers representing Cleveland and the American Financial Services Association, a trade group representing more than 300 consumer lenders. Predatory lenders issue high-interest, high-fee loans to homeowners regardless of ability to repay. ... http://www.daytondailynews.com/localnews/content/localnews/daily/1201lending.html
December 5, 200519 yr Business First of Columbus - December 5, 2005 OPINION From the December 2, 2005 print edition Editorial Fraudulent lending needs a crackdown Just weeks ago, Gov. Bob Taft stepped on the pedal to speed up the drive to shield Ohioans from unscrupulous mortgage brokers and lenders. His push couldn't come fast enough. We hope state legislators will heed his urging. Ohio is at the nation's epicenter of mortgage foreclosures. And while the state may regulate mortgage brokers, its consumer protection laws need to be toughened to defend those who have made the biggest financial investment of their lives. The state's foreclosure rate was below the U.S. average until 1999, when ripe economic conditions set off a homebuying and homebuilding spree. It also set loose a wave of aggressive and abusive lending. Experts now put Ohio's foreclosure rate at triple the national average. ... http://columbus.bizjournals.com/columbus/stories/2005/12/05/editorial1.html
December 13, 200519 yr From the 12/6/05 Dayton Daily News: Forums address home-lending scams By Joanne Huist Smith Dayton Daily News The elderly couple had owned their home since 1986, but when a broker telephoned and offered what appeared to be a sweet refinance deal for home repairs, they couldn't resist, said Suzanne Gravette Acker, director of communications for the Coalition on Homelessness and Housing in Ohio. "They ended up $80,000 in debt as a result of predatory lending, with hidden fees being a huge part of the pot," Acker said, recounting the couple's story. "More and more predatory lenders are going after consumers with a lot of equity in their homes. Low-income families are more at risk. Lenders are preying on them and getting them to take on loans they can't afford," she said. ... http://www.daytondailynews.com/localnews/content/localnews/daily/1205lending.html From same: Loan predators suburban threat Housing advocates hold forum in Centerville By Jim Bebbington Dayton Daily News CENTERVILLE | Not so long ago this wouldn't be the place to hear warnings about the scourges of predatory lending. But advocates for tighter reins on the mortgage lending industry are taking their fight to suburbia. A coalition of fair-housing advocates Monday spoke at a Centerville church to make the case that no homeowner is safe from predatory lending. ... http://www.daytondailynews.com/localnews/content/localnews/daily/1206lending.html
December 13, 200519 yr From the 12/11/05 Columbus Dispatch: Dozens of FHA Loans Covertly Converted Jill Riepenhoff The Columbus Dispatch (Ohio) December 11, 2005 When Stephanie Stuart tried to sell her Dominion-built house four months ago, she discovered a secret. Dominion Homes had arranged a covert transaction that left her mortgage without government benefits and protections. She never gave consent or was told that her mortgage could be converted into a less-desirable loan typically given to borrowers with poor credit. Every document she signed at her closing showed she would have a Federal Housing Administration mortgage. But she doesn't. ... http://www.knowledgeplex.org/news/133466.html
December 13, 200519 yr From the 12/11/05 Middletown Journal: Foreclosures triple in Butler County HAMILTON — The number of foreclosure filings in Butler County has more than tripled in the last decade as Ohio has become the nation’s leader in home loan defaults. According to Butler County Clerk of Courts records, one of every 187 county residents experienced foreclosure last year. Concentrated in the county’s urban areas, the foreclosure growth has contributed to the spread of blight in many neighborhoods and the destruction of the American dream of home ownership. Between 1994 and 2004, foreclosure suits filed in Butler County grew 266 percent from 487 to 1,782. A JournalNews study of last year’s filings showed that Hamilton and Middletown led the county with 492 and 422 filings, respectively. Trenton led the county in per capita foreclosures with filings for one in every 112 residents. Middletown and Hamilton followed with per capita rates of 117.5 and 124. ... http://www.middletownjournal.com/news/content/news/stories/2005/12/11/HJN1211BYNUMBERS.html
December 15, 200519 yr Middletown Journal-News Report: State maintains lead in foreclosure rates By Chris Dumond HAMILTON — Ohio has maintained its distinction as the leading state in the nation in foreclosure rates, according to a report from the Mortgage Bankers Association Wednesday. The report showed 3.17 percent of Ohio home loans in foreclosure in the third quarter this year, more than three times the national average of .97 percent. Locally, the Butler County Sheriff’s Office reported that 1,255 properties went to auction this year, up from 1,091 last year. Butler County’s foreclosure rates are typically among the highest in the state. According to Cleveland-based research group Policy Matters Ohio, Butler was 11th of 88 counties in the state last year in foreclosure filings per person and fifth among the 10 most populated counties. Foreclosure filings in Butler County more than tripled in the past decade. ... http://www.journal-news.com/news/content/news/stories/2005/12/14/HJN1215FORECLOSURE_s.html
December 21, 200519 yr From the 12/20/05 Middletown Journal: Butler County: LifeSpan holds forum on newspaper's recent predatory lending series By Chris Dumond HAMILTON — Promising low monthly payments and great loan terms, in 2000 a mortgage broker came calling at Esther Cain’s New Miami home — the home she and her sister Betty Cain had grown up in. Instead, in a textbook predatory loan scheme, their lawyer said, they ended up with an unnecessary, high-interest $68,500 loan secured by an inflated appraisal and falsified income statements. Now in their second foreclosure, the women spoke out at a predatory lending forum here Monday morning, asking Ohio legislators to pass reforms now under consideration in the Senate. ... http://www.middletownjournal.com/news/content/news/stories/2005/12/20/mj1220FORUM.html From the 12/11/05 Hamilton JournalNews: Vacant houses a spreading blight BUTLER COUNTY— Neighborhood charm dies here one home at a time. Vacant houses. Overgrown yards. Unkempt properties. The problems are glaring, said longtime Hamilton resident Robert Prather. ... http://www.journal-news.com/news/content/news/stories/2005/12/11/hjn1212neighborhoodblight_s.html
December 23, 200519 yr Auditors at door of Dominion Homes High default rate stirs concern; buyer reports illegal loan Friday, December 23, 2005 Jill Riepenhoff THE COLUMBUS DISPATCH Brokered Dreams A Dispatch investigative report State and federal agencies are investigating the business practices of Dominion Homes. The Dublin-based builder has come under scrutiny because so many of its customers can’t pay their mortgages and can’t sell their houses for what they paid for them. ... http://www.dispatch.com/news-story.php?story=dispatch/2005/12/23/20051223-A1-00.html&chck=t
December 30, 200519 yr Dominion Homes CFO resigns during government investigation By Mike Pramik The Columbus Dispatch Friday, December 30, 2005 11:28 AM Dominion Homes' chief financial officer has resigned amid investigations by state and federal regulators of the Dublin homebuilder over its mortgage operations. Terrence R. Thomas will leave the company next Friday, Dominion said in a filing with the Securities and Exchange Commission. Thomas, who also held the title of senior vice president of finance, joined Dominion in mid-2004. Dominion has been under fire recently for the abnormally high default rate on mortgages people used to purchase some of Dominion's houses. Dominion Homes Financial Services has the fourth-highest rate of default by borrowers to whom it issued government-backed loans. ... http://dispatch.com/news-story.php?story=156946
January 6, 200619 yr A press release from the governor, 1/5/06: GOVERNOR COMMITS TO FIGHT PREDATORY LENDING Calls for legislative action to combat abusive and fraudulent mortgage practices COLUMBUS (January 05, 2006) – Governor Bob Taft today called on the Ohio General Assembly to enact tough measures to prevent unscrupulous lenders from taking advantage of vulnerable consumers, trapping them into unfair home loans that often lead to foreclosure or bankruptcy. Taft presented his plan of action at a meeting of the Hilltop Kiwanis Club in Columbus and asked for legislators to act by the end of the year. “Predatory lending is turning the American dream into a nightmare for far too many Ohioans,” said Governor Taft. “Strengthening current laws, protecting prospective Ohio home owners and stopping practices that contribute to Ohio’s high foreclosure rates are among my top priorities in 2006.” Taft’s plan includes expanding the Consumer Sales Practices Act to cover mortgage brokers and loan officers. Currently in Ohio, brokers and lenders are exempted from the law that prohibits deceptive sales practices. ... http://www.governor.ohio.gov/releases/010506PredatoryLending.htm
January 6, 200619 yr Homeowners in Dominion subdivision decry rules Deed restrictions part of living in community, official tells residents Friday, January 06, 2006 Jill Riepenhoff THE COLUMBUS DISPATCH Some homeowners in the embattled Galloway Ridge neighborhood say it’s as if their new management company is tossing salt on gaping wounds. Foreclosures and bankruptcies have ravaged the Far West Side subdivision of about 650 houses built by Dominion Homes. Property values have plummeted, leaving most residents owing more on their mortgages than their houses are worth. ... http://www.dispatch.com/news-story.php?story=dispatch/2006/01/06/20060106-F1-05.html
January 13, 200619 yr From the 1/12/06 PD: Bill would speed up foreclosures Thursday, January 12, 2006 Julie Carr Smyth Plain Dealer Bureau Columbus - Cuyahoga County's vacant and abandoned properties would no longer languish for years awaiting foreclosure under a bill passed Wednesday by the Ohio House. The proposal could cut the time it takes to reclaim a blighted old house, trash-strewn lot or boarded-up business to 90 to 180 days, said its sponsor, State Rep. Sally Conway Kilbane, a Rocky River Republican. Today, it takes an average of two years. The measure passed 85-5 and heads next to the Senate. ... http://www.cleveland.com/ohio/plaindealer/index.ssf?/base/news/1137058261210090.xml&coll=2
January 13, 200619 yr From the 1/12/06 PD: Bill would speed up foreclosures Thursday, January 12, 2006 Julie Carr Smyth Plain Dealer Bureau Columbus - Cuyahoga County's vacant and abandoned properties would no longer languish for years awaiting foreclosure under a bill passed Wednesday by the Ohio House. The proposal could cut the time it takes to reclaim a blighted old house, trash-strewn lot or boarded-up business to 90 to 180 days, said its sponsor, State Rep. Sally Conway Kilbane, a Rocky River Republican. Today, it takes an average of two years. More at cleveland.com http://www.cleveland.com/ohio/plaindealer/index.ssf?/base/news/1137058261210090.xml&coll=2
January 14, 200619 yr Putting bite on predatory lenders With stepped-up enforcement and proposed legislation, Ohio targets mortgage brokers Saturday, January 14, 2006 Teresa Dixon Murray Plain Dealer Reporter Ohio for years has been known as an easy target for shady mortgage lenders. Now Ohio is increasing its mortgage enforcement division by 33 percent. And the effort to fight fraudulent mortgage lending has a new supporter: Gov. Bob Taft, who is pushing for sweeping new legislation that would crack down on deceptive lending, require appraisers to be licensed and expand background checks on loan officers to include any criminal records outside Ohio. ... http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/113723131675681.xml&coll=2
January 16, 200619 yr From the 1/16/06 PD: Cuyahoga conceals foreclosure backlog Complaint draws high court's attention Monday, January 16, 2006 Thomas Ott Plain Dealer Reporter A North Collinwood woman's complaint to the Ohio Supreme Court may prompt Cuyahoga County to quit hiding thousands of drawn-out foreclosure cases from the glare of critics. Foreclosures vanish from judges' case lists while they are in the hands of magistrates and don't return until the magistrates send them to the judges for final rulings. The practice, said to have started during the Depression, conceals the protracted handling of cases, the numbers of which have surged in recent years. More at cleveland.com http://www.cleveland.com/news/plaindealer/index.ssf?/base/cuyahoga/113740386680571.xml&coll=2
January 25, 200619 yr From the 1/24/06 Toledo Blade: Legislators urged to crack down on predatory loans Two groups dealing with housing issues urged the Ohio Legislature yesterday to advance bipartisan measures to clamp down on predatory lending, which they said is costing many Ohioans their homes and putting a strain on social-service agencies. Lucas County's foreclosure rate more than quadrupled from 621 in 1998 to 2,766 in 2004, said Lisa Rice, president of the Toledo Fair Housing Center, at a press conference at One Government Center. The county had 2,465 foreclosures last year. For the past few years, Ohio has been among the states with the most foreclosure filings. Ten urban Ohio counties in 2004 had 37,000 foreclosures, often the result of deceptive, high-cost loans and inflated appraisal values. ... http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060124/BUSINESS05/601240449/-1/RSS04 From the 1/24/06 Columbus Dispatch: Lender agrees to pay millions Ameriquest deal to benefit Ohioans Tuesday, January 24, 2006 Tracy Turner THE COLUMBUS DISPATCH One of the nation’s largest subprime mortgage lenders yesterday said that it will pay $325 million to settle charges that the company used predatory-lending practices. Ameriquest Mortgage, based in California, also agreed to reform its lending practices, which covers consumers in 49 states, including Ohio, Ohio Attorney General Jim Petro said. Ohio’s share of the money will be about $6.6 million, with $125,000 set to cover investigative costs and create consumer-education and enforcement programs, Petro said. ... http://www.dispatch.com/business-story.php?story=dispatch/2006/01/24/20060124-C1-02.html
January 27, 200619 yr From the 1/26/06 Akron Beacon Journal: Bill targets deceptive lending practices Foreclosure rates in Summit, Ohio result of abuse, some say By Gloria Irwin Beacon Journal business reporter With Ohio leading the nation in the rate of mortgage foreclosures, some consumer advocates are rallying support for a proposal to extend the protections of the Consumer Sales Practices Act to home loans. Coshocton Republican Joy Padgett introduced a bill in the Ohio Senate in September that would give the state attorney general authority to pursue consumer complaints about mortgage lending. Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio, or COHHIO, maintains that high foreclosure rates in Ohio and in Summit County aren't just a reflection of lost jobs or other economic factors. ... http://www.ohio.com/mld/ohio/business/13715587.htm?source=rss&channel=ohio_business
January 27, 200619 yr Who is the state to say you can't charge higher broker fees. That's BS. If i was in business which i am and they say i can't have a profit margin of more than so much percent i would be PISSED. If the consumer was smart they would goto another broker that charges less of a fee. It's called competition.
February 7, 200619 yr GOP legislature seeks to expand mortgage-industry oversight By Jim Siegel The Columbus Dispatch Tuesday, February 7, 2006 3:16 AM Though they've whiffed on past attempts, an advocate for homeowners and the poor says majority Republicans this time are pushing for mortgage-industry oversight that would give Ohio consumers some real protection. A revised bill to be unveiled today is expected to place mortgage brokers and certain lenders under the Consumer Sales Practices Act, which would allow home buyers to sue the bad apples of the industry and give the state attorney general more power to go after them. More at http://dispatch.com/news-story.php?story=164626
February 16, 200619 yr From the 2/15/06 Dispatch: Questions surround mortgage-industry bill ahead of Senate vote Wednesday, February 15, 2006 Jim Siegel THE COLUMBUS DISPATCH The Ohio Senate likely will vote next week on a bill that would increase regulation of Ohio’s mortgage industry and give consumers additional protections against predatory lenders. But supporters fear the bill, which for the first time would place much of the mortgage industry under the Consumer Sales Practices Act, might have more difficulty passing the House. More at http://www.dispatch.com/news-story.php?story=dispatch/2006/02/15/20060215-B4-00.html
February 19, 200619 yr THE REAL PRICE OF HIGH-RISK MORTGAGES Plagued by debt Costlier home loans — and more foreclosures — spread to Ohio’s small towns and suburbs Sunday, February 19, 2006 Geoff Dutton and Doug Haddix THE COLUMBUS DISPATCH Martha and Larry Clay are fighting to keep their Franklinton home of 20 years. They acted on advice of mortgage brokers and refinanced away their equity. They have a high-interest mortgage they can 't afford. Risky high-interest mortgages have cost record numbers of people their homes, but not just in the big cities. More at http://dispatch.com/news-story.php?story=dispatch/2006/02/19/20060219-A1-00.html
February 19, 200619 yr Baited with promises, they refinanced; now they’re fighting to save their house Sunday, February 19, 2006 Jill Riepenhoff THE COLUMBUS DISPATCH Six years ago, Larry and Martha Clay paid off their house. Then a salesman called. They could save hundreds of dollars — maybe thousands — on utility bills with new energy-efficient windows. The Clays replaced all 11 windows in their two-story Franklinton house with a $25,000 mortgage arranged by the salesman’s company. So began their financial free fall. More at http://www.dispatch.com
February 19, 200619 yr A couple points, commenting mostly on the first article: 8% is called a high interest rate? What? Does this guy not remember any of the years between, oh, 1973 and 2001? 8% is not a "high" rate, it's actually lower than anyone's mortgage rate up until the late 90's. Sure, it's higher than other folks are paying, but it's still a rate the best debtors in the country couldn't have dreamed of just 10 years ago. "Ohio leads the nation, by far, in the rate at which subprime borrowers fall behind and lose their houses. Nearly 10 percent were in foreclosure between July and September..." Another way to put that is, "10% of Ohio's subprime borrowers lost homes they never would have had in the first place were it not for the opportunity presented by subprime lenders." Or yet another way to put that is, "90% of Ohio's subprime borrowers were able to purchase a house and restore their credit rating, opening the door to refinancing at lower rates, while they built equity in their only major investment - an opportunity they never would have had in past years." Yes, people over-borrow; lenders sometimes care more about squeezing money out of folks, rather than making a good business deal, one that benefits both the customer and the lender. And prepayment penalties are nonsense, and I'd support outlawing them. But what is the solution? If you force these lenders to give bad credit risk customers the same rates they give good credit risks, then they'll just walk away - you can't force them to lose money. Outlaw subprime lending, and the only possible result will be to shut the working poor out of home ownership. That's an AWFUL solution. My answer? Expand the market, and educate the consumers. The more competition there is, the less able a company will be to gouge customers. Subprime lending has been a godsend for most of its customers and the communities they live in. But folks seem shocked that high credit-risk customers sometimes can't pay their bills - that just baffles me...
February 22, 200619 yr Senate likely to advance lending reform Wednesday, February 22, 2006 Jim Siegel THE COLUMBUS DISPATCH An 11 th-hour effort by the Ohio Chamber of Commerce to torpedo a predatory-lending bill is expected to fail when the Senate takes up the bill this afternoon. A new version of the bill to be unveiled this morning also may relieve concerns that it would weaken the Consumer Sales Practices Act, which bans deceptive sales practices. More at http://www.dispatch.com/national-story.php?story=dispatch/2006/02/22/20060222-A4-01.html
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