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    Sub-Prime Crack Down

    Commerce News Release

    FOR IMMEDIATE RELEASE
    5/3/2007

    OHIO DEPARTMENT OF COMMERCE THIRD MEETING OF OHIO FORECLOSURE PREVENTION TASK FORCE SET

    WHAT:WHO: Governor Ted Strickland established the task force to provide a unified and coordinated statewide response to the dramatic increase in the number of foreclosures in Ohio. The Governor appointed Kimberly Zurz, Director of the Ohio Department of Commerce and Chair of the Ohio Housing Finance Agency, to serve as Chair of the task force.

    The task force includes representatives from local, state and federal governments, housing advocacy organizations, and various associations representing municipalities, counties and lenders.

    WHY:
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

    #2
    Yep, we'll probably see and hear about a lot more of these groups forming in all the states...... it's fixing to "bust wide open" from the sound of things.....

    House values will plummet in the future, they won't be able to sell all of them that will be setting on the market.................

    Should be interesting.............

    To tell you how stupid the banks are - they would rather foreclose and let it sit on the market, then refinance it under a reasonable interest rate and keep the people in their homes................ how bright is that????
    Minny

    "It's amazing the paths that our feet sometimes follow in life".

    My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

    Comment


      #3
      Originally posted by Minnymouth View Post
      To tell you how stupid the banks are - they would rather foreclose and let it sit on the market, then refinance it under a reasonable interest rate and keep the people in their homes................ how bright is that????
      I ask myself this very same question whenever I hear of someone losing their home because of some piss-poor loan. I don't think they are bright at all.
      Bankruptcy History:
      Chapter 7 filed - 10/12/2005 - Asset
      Discharged - 02/16/2006
      Case Closed - 11/08/2007

      A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

      All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

      Comment


        #4
        Continuing the story.....

        Wednesday, May 16, 2007
        T. Murray
        Plain Dealer Reporter

        The thousands of Ohio homeowners who have been ravaged by subprime lenders may someday get some revenge - and some money.

        Ohio Attorney General Marc Dann said Tuesday that he hopes to sue investment banks and others that helped fuel the high-interest mortgage industry that wrecked so many lives.

        Ohio has the highest foreclosure rate nationwide for all types of mortgages and for subprime mortgages. At the end of last year, 3.38 percent of all Ohio mortgages were in foreclosure, according to the Mortgage Bankers Association. That's nearly three times the national rate of 1.19 percent.

        And 11.32 percent of Ohio subprime mortgages were in foreclosure at year's end. The nationwide average was 4.53 percent.
        Investment firms have supported the subprime mortgage industry by supplying the capital, Dann said. If investors didn't buy subprime loans, there wouldn't be money to underwrite the mortgages. But investors flocked to subprime mortgages because they were such cash cows, often at the expense of consumers.

        "A lot of people profited handsomely," Dann said in an interview. But so far, only mortgage brokers and appraisers have been targeted, he said.

        Dann, who has already won the right to investigate foreclosures by embattled New Century Financial Corp. of California, said he may try to include investment banks and credit-rating firms in that case or file new suits involving some of them. He believes that people in those companies knew, but didn't care, that homeowners could never pay the mortgages. Documents from the companies could help show whether he is right.

        Dann said he will decide within a year how to proceed. If Ohio would be victorious on behalf of victims of subprime loans, there could be "a big pot of money," he said.

        The state's top lawyer, who took office in January, noted that many consumers haven't been able to sue mortgage lenders or anyone involved in their undesirable loans because they couldn't find a lawyer willing to take cases on contingency.
        "I've got 400 lawyers," Dann said.

        Subprime mortgages are loans at higher rates, designed for people with poor credit histories, small down payments or other factors. In many cases, however, consumers have been unknowingly socked with high-interest loans when their creditworthiness was just fine. In other cases, they unknowingly agreed to loans with rates that skyrocketed instead of remaining fixed.
        Bankruptcy History:
        Chapter 7 filed - 10/12/2005 - Asset
        Discharged - 02/16/2006
        Case Closed - 11/08/2007

        A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

        All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

        Comment


          #5
          Story continues.......

          http://blog.cleveland.com/business/2...ets_fed_o.html

          http://www.cleveland.com/plaindealer...080.xml&coll=2
          Bankruptcy History:
          Chapter 7 filed - 10/12/2005 - Asset
          Discharged - 02/16/2006
          Case Closed - 11/08/2007

          A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

          All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

          Comment


            #6
            Story continues.....

            http://www.cleveland.com/plaindealer...950.xml&coll=2
            Bankruptcy History:
            Chapter 7 filed - 10/12/2005 - Asset
            Discharged - 02/16/2006
            Case Closed - 11/08/2007

            A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

            All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

            Comment

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