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OH: Gov. Blames Nation for Ohio’s Problems
Last Updated on Friday, 8 February 2008 09:59 Written by rslcpol Friday, 8 February 2008 09:59
COLUMBUS, Ohio (AP) — The economic troubles that require a $700 million cut in the state budget originated in Washington and elsewhere, Gov. Ted Strickland told newspaper editors and reporters on Thursday.
Strickland, speaking at the 2008 legislative preview sponsored by The Associated Press, blamed budget problems in Ohio on the skyrocketing price of oil, mortgage foreclosures and a national economy that has nose-dived over the past year.
‘‘We are paying the price in Ohio for the debacle that is Washington, D.C.,’’ Strickland said.
Posted under Dems Behaving Badly, State Legislature News | No Comments
OH: AG Loses Foreclosure Argument; Has His Ethics Questioned
Last Updated on Tuesday, 5 February 2008 11:28 Written by rslcpol Tuesday, 5 February 2008 10:08
Poor Ohio Democrat A.G. Marc Dann – he can’t catch a break going to a Barack Obama fundraiser, and he can’t catch a break trying to do the basics of his job. Wonder if there’s going to be repeat of this ‘06 campaign advert run in 2010? Does this rate as another public reprimand yet?
Ohio Attorney General Marc Dann suffered his first setback Monday in a novel effort to slow foreclosure filings in the state – and in doing so had his ethics questioned by a Hamilton County magistrate.Dann argues that lenders can’t foreclose unless they can prove they own the mortgage they say is in default. Paperwork proving ownership often lags behind as lenders buy and sell mortgages. The result is that foreclosing lenders don’t always have the paperwork to prove that they’re the mortgage owners.
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IA: State Lawmakers Wrestle With Abusive Lending
Last Updated on Monday, 14 January 2008 12:06 Written by rslcpol Monday, 14 January 2008 10:59
More and more fuel for the national mortgage foreclosure crisis story…
In the three months since Iowa Attorney General Tom Miller launched a foreclosure hotline, nearly 6,000 Iowans have called for help.
The calls come to the Iowa Mediation Service, which Miller hopes will be able to negotiate with lenders to help borrowers keep their homes. “We’re trying to do it on a mass basis,” Miller says.
Foreclosure rates for homes purchased using non-standard, high-interest loans have reached historic highs in Iowa and around the USA.
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IN: Surprise – Taxes To Dominate Legislature
Last Updated on Friday, 4 January 2008 01:16 Written by rslcpol Friday, 4 January 2008 12:34
Property tax bills expected to rise an average of 24% – is that right? If it is, watch for a spike in foreclosures in Indiana above and beyond the national average as result of the ongoing mortgage crisis.
INDIANAPOLIS (AP) — The most vexing issue facing many Indiana residents will take center stage when lawmakers convene the 2008 legislative session Tuesday in search of property tax reform.The pressure to find a solution is immense.
Homeowners’ bills are projected to rise an average 24 percent statewide this year. Some have seen much higher bills, sparking protests in which homeowners dunked their bills in rivers and lakes to mimic the Boston Tea Party.
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IL: Dem AG Launches Investigation Into Countrywide Home Loan Unit
Last Updated on Thursday, 13 December 2007 10:46 Written by rslcpol Thursday, 13 December 2007 10:46
The Illinois attorney general is investigating the home loan unit of Countrywide Financial as part of the state’s expanding inquiry into dubious lending practices that have trapped borrowers in high-cost mortgages they can no longer afford.
Lisa Madigan, the attorney general, has subpoenaed documents from Countrywide relating to its loan origination practices, a person briefed on the matter said. Rick Simon, a Countrywide spokesman, said the company was cooperating with the investigation but declined to comment further.
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OH: State With The Highest Percentage of Homes In Foreclosure Hope Rulings Slow Trend
Last Updated on Monday, 10 December 2007 10:34 Written by rslcpol Monday, 10 December 2007 10:34
CINCINNATI (AP) — An Ohio court ruling that a bank couldn’t foreclose on a home because it didn’t prove it owned the mortgage was the latest in a series of similar rulings that could slow the tide of foreclosures in a heavily impacted state.
Attorney General Marc Dann filed motions on Friday in other cases across Ohio based on the ruling, hoping the state with the highest percentage of homes in foreclosure has found a legal method to address the crisis.
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NY: AG Subpoenas Wall Street Firms
Last Updated on Wednesday, 5 December 2007 04:11 Written by rslcpol Wednesday, 5 December 2007 04:11
New York state prosecutors have sent subpoenas to Wall Street firms seeking information related to the packaging and selling of debt tied to high-risk mortgages, a person familiar with the matter said.
The subpoenas, sent by the office of New York Attorney General Andrew Cuomo, requested information from a host of Wall Street firms, including Merrill Lynch & Co, Bear Stearns Cos and Deutsche Bank AG, The Wall Street Journal reported, citing unnamed sources.
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NC: AG Says U.S. Predator Loan Bill Will Hurt State
Last Updated on Tuesday, 4 December 2007 10:29 Written by rslcpol Tuesday, 4 December 2007 10:29
N.C. Attorney General Roy Cooper is urging Sens. Elizabeth Dole and Richard Burr to strengthen a pending mortgage reform bill that he says could weaken protections already in place in North Carolina.
The Mortgage Reform and Anti-Predatory Lending Act of 2007, which has passed the U.S. House, is based on landmark N.C. legislation but doesn’t go as far as the state’s 1999 law, Cooper argues
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MI: AG Announces Foreclousure Forum
Last Updated on Thursday, 29 November 2007 12:53 Written by rslcpol Thursday, 29 November 2007 11:07
We told you first here, to watch this issue blossom across the country. And it has in Maine with AG Steven Rowe, Iowa with Tom Miller, New York with Andrew Cuomo (twice!), the Bay State with Martha Coakley, and Texas with Greg Abbott. Subprime mortgages will be a part of the national and state debate in 2008.
Attorney General Mike Cox announced a new effort to help homeowners avoid foreclosure. There will be an Avoid Foreclosure forum on Thursday, Dec. 13, at Cobo Hall in Detroit.
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ME: Dems Want Their Money Back After Bad Investment
Last Updated on Tuesday, 27 November 2007 12:05 Written by rslcpol Tuesday, 27 November 2007 11:37
So, check this out. Mr. Lemoine wants a do over for not doing the level of due diligence on this investment that a 5th grader with an internet connection could easily do. If he he simply Googled the investment he was about to make with taxpayer dollars – the state of Maine would be $20 million richer. Lemoine, a former Democrat lawmaker, apparently was not aware of Google’s abilities. It’s too bad he didn’t consult Republican Senator Carol Weston – because when she heard about all of this she did what? Googled – and found warnings dating back to the time the initial investment was made. You’d think the party that invented the internet would know more of its mysterious ways.
AUGUSTA — State Treasurer David Lemoine said Monday that he believes the state will recoup $20 million it invested in corporate bonds backed by subprime mortgage assets.The $20 million — about 3 percent of the state’s investment portfolio — is now frozen.
“We think we will be paid,” Lemoine said. “We think we will be paid in full.”
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