"The way lenders got (home buyers) in the beginning was to give them this easy-street financing that just goes berserk when the rates explode," Suzanne Gravette Acker, of the Coalition on Homelessness and Housing in Ohio told the Dayton Daily News in late January. "Lots of people this year are going to find their mortgage doubles or even triples."
Quote from the Dayton Daily News, Tuesday, February 23, 2007 article link on the left.
"Ohio 7th, Dayton area 51st for January foreclosures" written by Lisa Bernard
February 22, 2007
"Cordray said there are three main factors for the upsurge in foreclosures around Ohio.One cause is the slow growth in the Ohio economy and job losses, he said.
A second key reason, according to Cordray, is that there's never been any real regulation of the mortgage lending industry in Ohio.
And a third factor is an increase in the complexity of some mortgage products, leading to a greater need for personal finance education, said the state treasurer.
As for regulation of the mortgage lending industry, Ohio legislators passed Senate Bill 185 last summer, taking effect New Year's Day.According to Cordray, the new law will tighten up a number of practices in the state and prevent some of "the very aggressive sub-prime lending" that got people into houses but on a short-term basis, with balloon payments and other things that weren't going to last for people."
Quote from Wilmington News Journal Tuesday February20, 2007 "Treasurer talks foreclosures Numbers high for Clinton County" Gary Huffenberger Staff Writer Article link on the left
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