• Ohio Takes Steps To Stem The Flood Of Foreclosures On Troubled Subprime Home Mortgages
  • May 29, 2007 | Authors: Kathleen M. Brinkman; David C. Tryon; Joseph W. Ryan; J. Richard Chema
  • Law Firms: Porter Wright Morris & Arthur LLP - Cincinnati Office; Porter Wright Morris & Arthur LLP - Cleveland Office; Porter Wright Morris & Arthur LLP - Columbus Office; Porter Wright Morris & Arthur LLP - Dayton Office
  • Subprime lending, especially "predatory lending" and "unconscionable practices" in residential mortgages, is definitely in the sights of Ohio regulators and prosecutors. Ohio's foreclosure inventory rate is the worst in the country. The following Law Alert describes Ohio Attorney General Marc Dann's efforts to attack unconscionable practices and crimes by loan officers, mortgage brokers, real estate agents, appraisers, title agents, attorneys, and others, along with the companies they work for. His Foreclosure Prevention Task Force uses the new Ohio Homebuyers' Protection Act and other laws to investigate and pursue offenders civilly and criminally. Local prosecutors have similar authority. Anyone who works in the residential mortgage loan process needs to understand all applicable legal requirements and to get solid legal advice about how to meet those requirements. Porter Wright's lawyers include former prosecutors and government enforcement advisors ready to meet those needs.