Industry News

Ohio bill fights real estate loan fraud

Gives state's attorney general more power

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Ohio's bid to crack down on predatory mortgage lending and curb its sky-high foreclosure rate appeared to gain new momentum Tuesday, as Republican state senators unveiled a compromise bill to be introduced today in committee, the Cincinnati Enquirer reported. Republican Sens. Joy Padgett and John Carey announced a bill that would expand Ohio's Consumer Sales Practices Act to cover most mortgage brokers and loan officers, reports said. The change would give the Ohio attorney general's office authority to prosecute offenders as opposed to the weaker regulatory oversight by the Department of Commerce, according to reports. "The attorney general is the teeth," Padgett told the Enquirer. "This is a good bill. It won't stop foreclosures in Ohio, but it can address those due to predatory lending." Padgett said with support from Ohio Senate President Bill Harris, she's confident the committee could send the bill to the floor within a month, according to reports. The state's foreclosure rate i...