Attorney general backs rule change for mortgage loans

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.”