Governor Strickland and Attorney General Marc Dann said Thursday that they’ll issue subpoenas and take other aggressive measures against subprime mortgage lenders.
The group representing Ohio’s mortgage bankers is saying Governor Strickland’s proposed agreement to work together on the state’s foreclosure crisis could make the situation worse.
Ohio is in the middle of what some are calling a foreclosure Crisis. Last year, Ohio saw a 24% increase in the number of foreclosure filings and Ohio ranks second in the nation in the percentage of mortgage loans that are seriously delinquent. Many experts predict the situation will get gloomier before it gets brighter. Monday, a special state task force, studying the mess, held another meeting.
The number of foreclosure filings in Ohio ballooned by nearly 24% last year. The problem has brought together a group of two dozen lawmakers, business leaders and others to figure out what can be done to help homeowners who losing their homes and to stop it from happening to others.