Recommendations on How to Address Ohio’s Foreclosure Crisis

Banks across the U-S are cracking down on lending standards on sub-prime mortgages. In Ohio, government agencies are trying to help homeowners hold onto their houses.

The Federal Reserve said Monday banks are tightening rules on on sub-prime loans, adjustable rate loans with multiple payment options, interest-only and other types of mortgages.

Ohio has one of the nation’s highest foreclosure rates involving subprime and non-traditional loans. Statehouse Correspondent Bill Cohen reports, members of a special Ohio task force are recommending ways to soften the state’s foreclosure crisis