Sunday, November 28, 2010

Banks accused of misleading owners | The Columbus Dispatch

Banks accused of misleading owners | The Columbus Dispatch:
"Consumer advocates lay some of the state’s foreclosure problems on Ohio state senators who have sat on a bill to regulate the mortgage-servicing industry. Provisions of that bill would prohibit servicers from telling borrowers to stop paying as a condition of receiving help and would ban foreclosures while borrowers with the means to make payments are seeking a settlement.

The bill zoomed through the Ohio House with bipartisan support. It has been collecting dust in a Senate committee for 18 months.

“I’m pissed,” said Rep. Mike Foley, the Cleveland Democrat who sponsored the bill. “It’s an out-of-control system. They’re incentivized to bring foreclosure.”"

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