Governor proposes lender crackdown to ease foreclosure crisis
February 06, 2008 20:24 EST
COLUMBUS, Ohio (AP) -- Governor Strickland is promising to crack down on subprime lenders to help victims of foreclosures.
Strickland has told lawmakers in his second State of the State address that he has ordered the state Commerce Department to draft rules covering subprime lenders to help alleviate the foreclosure crisis.
Strickland will seek to force lenders to provide six months' notice to homeowners with adjustable rate mortgages before their rate is reset to a higher percentage.
He also wants lenders to more adequately report to the state how many borrowers are going into foreclosure.
Strickland says the lenders should be ashamed of themselves because they've kept silent during the state's efforts to help Ohioans threatened with losing their homes.
One might think that Ted is scolding a child for stealing cookies from a cookie-jar here.