Nine mortgage lenders have agreed to a compact proposed by Gov. Ted Strickland that is designed to keep more struggling homeowners in their homes. The nine lenders, including Carrington, Citigroup and GMAC, signed the compact at a news conference Monday with Strickland. The compact calls on lenders to modify adjustable rate loans to terms that are more easily handled by borrowers at risk of foreclosure.
It also calls on lenders to notify borrowers as soon as possible after they fall into risk of losing their homes. Lenders initially balked at the compact, and Strickland had harsh words for them during his February State of the State address.