Foreclosures? We're No. 1!

[The Straight Story]

Foreclosures? We're No. 1!

OHIO'S home foreclosure rate is the worst in the nation. Makes you proud, huh? Legislators can help shed that notorious distinction by passing the Ohio Homebuyers' Protection Act, with key provisions intact, to protect Ohioans who borrow to achieve the American dream.

A House committee on Wednesday recommended, in a 20-1 vote, the passage of a bill that cracks down on the sort of fraudulent lending practices that have cost many Ohioans their homes. We're encouraged by that and hope that a change actually favoring consumers finally could be on the way in Columbus.

Only Ohio and Virginia do not extend consumer protection to cover the mortgage industry. Putting the industry under the aegis of the Consumer Sales Practices Act should directly reduce the foreclosure rate. The bill would do that, and there is a proposed change in the House to make it easier for homeowners saddled with costly loans to refinance.

Lawmakers should resist the urge to settle for a watered-down version that ignores predatory lenders' practices and even allows them to escape penalties if they commit violations.

http://toledoblade.com/apps/pbcs.dll/article?AID=/20060331/OPINION02/603310316

Working for a bank I can tell you myself as well that the Katrina mess is hammering us hard. People don't want to pay the loans on homes that are not there anymore.

[ScreamingMeemie]

1. It depends on where you read it. On an up note...You are only number

one for this quarter. California, Florida and Michigan beat you for the year. Buck up little camper. ;) :hi:

And, as an appraiser, most of the "consumer protection" is for naught once the papers are signed and a fraudulent appraisal is had. It's all corporate bunk. Little people lose all 50 states over.

[GrumpyGreg]

2. Interesting--i was unaware that Ohio and Virginia did not

offer consumer protection for home loans.

It is an awful process even with protection.

[Dr.Phool]

4. Cleveland passed some a little over 3 years ago

And all the banks quit writing mortgages in the city.

It seems the big banks also own most of the sub-prime lending institutions.

[Ksec]

3. we can add that to the fact that we were responsible for electing

bush. We have also been run by repukes for years, so much for the myth about them bringing prosperity with their free market spiel.

[loveable liberal]

5. I work for a sheriffs office ... the civil division sgt told me that...

where they used to do 350 eviction forclosures per year they were up over 1500 in 2005. This is from a guy who has been around for 25 years. Banks and financial institutions are going for land and property. Ever see those billboards advertising "We buy Junk houses". They want you to refinance with an additional mortgage so they can take your home if you default on your loan. **************COMPLETE BASTARDS******************

[The Straight Story]

6. Downside for banks though

Is holding onto real estate as the market goes down. We're eating a lot of land that may not be resold in the near future. Projected income from interest rates and such for loans dries up unless someone else buys it - and who pays all that property tax on all these properties while they sit idle?

Which is why it amazes me that banks are doing more outsourcing to India instead of creating a bigger job market here.