The state of Ohio is suing ten lenders for strong arming real-estate appraisers to provide inflated values on real estate.
The Columbus Dispatch article written by Alan Johnson says five of the ten cases are in Franklin county. Only one lender is mentioned by name, they are in Franklin County, I've never heard of them. The Columbus Dispatch article says:
"Accusing 10 mortgage lenders of "unconscionable acts," Ohio Attorney General Marc Dann yesterday sued the companies he said violated the state's 5-month-old predatory-lending law."
The Columbus Business First article about the lawsuits has the names of the ten companies.
Senate Bill 185 is the "5- month-old predatory-lending law" One ActiveRain lender called it the "Ohio hates people law...." or something like that.... other ActiveRainers have blogged about the Ohio law too.
Stated Stated Income, No Ratio and No Doc Loans Discontinued in the State of Ohio - A Sign of Things to Come?
I've been hearing lots of mortgage brokers are letting their Ohio licenses go.
Good Lenders, reputable lenders are still around, still in business, still lending money, they're not taking advantage of buyers, not strong arming real-estate appraisers. I have a few great lenders on my website's mortgage page.
One just sent me an email with this postscript
"PSS Don't forget, we can do No Doc (still), VA, FHA, BC, and non-warrantable condos!" Note "No Doc" so it has not all dried up.
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Maureen McCabe, Real Living HER, 614-825-8842
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