State barks at mortgage servicers over reluctance to back compact
The state’s foreclosure mess is turning into a battleground where state officials and the mortgage industry seem unwilling to give an inch.
After failing to get mortgage servicers to back a compact with voluntary measures to help homeowners avoid foreclosure, Gov. Ted Strickland is threatening legal, regulatory and legislative remedies. The tougher stance has the mortgage industry calling for a summit with state officials to hammer out foreclosure prevention tactics everyone can agree on.
Strickland said, however, that servicers had their chance to participate in months of meetings state officials held on Ohio’s foreclosure problem.
“Quite frankly, I’m a little frustrated that at this stage they would ask for a summit. I don’t know what they expect to have accomplished,” Strickland said in an interview with Business First. “I think that would be a delay tactic, and what we need is cooperative action now.”
