Tuesday, May 21, 2013 | 6:03 p.m.
Hi, (not you?) | Member Center | Sign Out
Updated: 5:23 p.m. Thursday, Dec. 24, 2009 | Posted: 5:22 p.m. Thursday, Dec. 24, 2009
Staff report
COLUMBUS — Ohio Attorney General Richard Cordray said Thursday, Dec. 24, that he supports a proposed federal ban on certain incentives paid to mortgage brokers and loan officers that Cordray said puts customers in riskier, more expensive loans.
“I strongly support changing the law to end predatory practices like these that fueled the foreclosure crisis and the collapse of the mortgage market,” Cordray said in a statement. “Paying incentives to place customers in riskier loans is rewarding the behavior that is ruining so many communities.”
As it is structured now, mortgage brokers and loan officers can get additional money based on the type of loan they originate, according to a news release from the attorney general.
Attorneys general from Arizona, Connecticut, Illinois, Iowa, Maryland, Massachusetts, Minnesota, Missouri, New Hampshire, North Carolina, Rhode Island, Tennessee, Vermont and West Virginia also have expressed support for the proposed changes to Truth In Lending Act regulations, Cordray’s office said.
The comment period ended Dec. 24.
Advertisers & Sponsors |
© 2013 Cox Media Group. By using this website,
you accept the terms of our Visitor Agreement and Privacy Policy, and understand your options regarding Ad Choices
.
Already have an account? Sign In
{* #registrationForm *} {* traditionalRegistration_displayName *} {* traditionalRegistration_emailAddress *} {* traditionalRegistration_password *} {* traditionalRegistration_passwordConfirm *}Already have an account? Sign In
{* #registrationFormBlank *} {* registration_firstName *} {* registration_lastName *} {* traditionalRegistration_displayName *} {* traditionalRegistration_emailAddressBlank *} {* registration_birthday *} {* registration_gender *} {* registration_postalZip *} {* traditionalRegistration_passwordBlank *} {* traditionalRegistration_passwordConfirmBlank *} {* agreeToTerms *}We have sent you a confirmation email. Please check your email and click on the link to activate your account.
We look forward to seeing you frequently. Visit us and sign in to update your profile, receive the latest news and keep up to date with mobile alerts.
Don't worry, it happens. We'll send you a link to create a new password.
{* #forgotPasswordForm *} {* forgotPassword_emailAddress *}We have sent you an email with a link to change your password.
We've sent an email with instructions to create a new password. Your existing password has not been changed.
To sign in you must verify your email address. Fill out the form below and we'll send you an email to verify.
{* #resendVerificationForm *} {* resendVerification_emailAddress *}Check your email for a link to verify your email address.

You're Almost Done!
Select a display name and password
{* #socialRegistrationForm *} {* socialRegistration_displayName *} {* socialRegistration_emailAddress *} {* traditionalRegistration_password *} {* traditionalRegistration_passwordConfirm *}Tell us about yourself
{* registration_firstName *} {* registration_lastName *} {* registration_postalZip *} {* registration_birthday *} {* registration_gender *} {* agreeToTerms *}