Dayton Ohio Tries to Tackle Predatory Mortgage Lending
March 2, 2007 |
Posted By Guest Attorney
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Montgomery Ohio County Recorder Willis E Blackshear is trying prevent predatory mortgage lending. “Predatory lending is a countywide problem, and I believe government should be proactive in solving it,” Blackshear said.
Blackshear has proposed having an attorney review all mortgage documents filed with the county recorder’s office for signs of predatory lending, such as large balloon payments due several years into the loan or dramatic increases in loan rates. The recorder’s office would inform homeowners when mortgages are flagged as predatory.
Under Blackshear’s plan, the recorder’s office would either hire an attorney or pay Dayton University law students to perform the predatory lending reviews.
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