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Predatory Lending: Developments and Pending Litigation
Return to Predatory Lending Resource Center
The Ohio General Assembly approved legislation, S.B. 185, effective January 1, 2007, designed to better protect consumers from predatory lenders. This latest legislative effort comes four years after the Ohio General Assembly enacted the Mortgage Brokers Licensure Act (Senate Bill 76) and Predatory Lending legislation (House Bill 386).
Since these new laws went into effect, the Ohio Attorney General has engaged in an aggressive investigation into perceived predatory lending in Ohio. Armed with powerful tools from this new predatory lending legislation, the Attorney General's investigation has covered individual mortgage brokers and appraisals, Wall Street investment banks, rating agencies, as well as Fannie Mae and Freddie Mac. In addition, the Ohio Governor has been involved in the negotiation of a voluntary "Compact" with loan servicers and the Ohio Supreme Court has initiate a foreclosure mediation program to help qualified homeowners stay in their homes.
So that our clients can stay informed regarding these issues, we have summarized below some of the relevant developments on the topic of predatory lending in Ohio:
Ohio Agrees to Terms of a New "Compact" with 9 Loan Servicers
April 2008
Bulletin discussing the new compact entered into between the State of Ohio and nine national mortgage loan servicers.
Summary of the Ohio Supreme Court's Proposed Mediation Program
April 2008
Bulletin discussing the Ohio Supreme Court's proposed foreclosure mediation program.
Attorney General Promises Enforcement Against Those Responsible for the
Collapse of the Sub-Prime Mortgage Market
February 2008
Summary of Ohio Attorney General Marc Dann's speech to the Columbus Mortgage Bankers Association.
Loan Servicers Reject Governor's Original Proposed Compact
November 8, 2007
Bulletin discussing the loan servicing industry's rejection of the Ohio Governor's original proposed "Compact."
Attorney General Announces Intent to Issue Subpoenas on Loan Servicers
November 8, 2007
Bulletin discussing the Attorney General's announcement to issue broad subpoenas to a number of loan servicers.
Ohio Attorney General Brings Senate Bill
185 Lawsuits: Litigation Targets Predatory Lending Activities in Ohio
June 8, 2007
Bulletin discussing Ohio Attorney General Marc Dann's recently filed lawsuits seeking to enforce Ohio’s new predatory lending laws recently enacted in Senate Bill 185, with copies of the complaints.
Attorney General Targets New Century Financial Corp.,
Announces Review of Other Sub-Prime Mortgage Lenders
April 2007
Article discussing an agreement between the Ohio Attorney General and New Century Financial Corp.
regarding Ohio mortgate loans and announcement of the review of similar foreclosure and mortgage issues
by other lenders in Ohio.
Ohio Supreme Court reviews Home Rule Authority in the Context of Predatory Lending
November 2006
On November 20, 2006, the Ohio Supreme Court issued a decision examining municipal home rule authority to enact ordinances regulating predatory lending practices.
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