|
Attorney General Promises Enforcement Against Those Responsible For the Collapse
of the Sub-Prime Mortgage Market
February 2008
Return to Predatory Lending: Developments and
Pending Litigation
On Thursday, February 7, 2008, Ohio Attorney General Marc Dann spoke to the Columbus Mortgage Bankers Association about what he termed the current "financial meltdown of nearly unprecedented proportions" that is "attributable solely to the collapse of the sub-prime mortgage market."
For his part, Attorney General Dann promised to hold those accountable who were responsible for this debacle, whether mortgage brokers, appraisers, Wall Street investment banks, or rating agencies. Dann promised to continue pursuing civil actions that will generate money to help families stay in their homes and, when appropriate, to bring criminal charges.
In his speech, Attorney General Dann also took the opportunity to again criticize loan servicing companies
for rejecting the proposed "compact" drafted by his office and others on the Governor's Task Force on Foreclosure
Prevention back in November, 2007. Attorney General Dann declared that, since last November,
the Task Force continues to work toward additional solutions to the crisis, and announced plans for a
pro bono legal clinic and a mediation program for the various county courts.
Read the full text of the Attorney General's speech.
|
