Last updated 12:51PM ET
December 15, 2017
WOUB Local News
WOUB Local News
Strickland calls on lenders to help cut foreclosures
(2007-10-10)
(WOUB) - A plan proposed by Governor Strickland yesterday would require mortgage lenders in Ohio to submit a
monthly report on their efforts to restructure loan agreements with delinquent homeowners.

Ohio has one of the nation's highest foreclosure rates.

Strickland called on lenders who offer loans to borrowers with weak credit histories to agree to be as flexible as possible in modifying loan arrangements.

The proposal says borrowers in subprime adjustable rate mortgages should be given six months notice before their interest rates are reset to higher payments.

In a statement, Strickland said 200,000 subprime adjustable rate home loans valued at $14 billion are scheduled to reset at higher rates and many Ohioans won't be able to afford the higher payments.
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