April 5, 2006
Ohio’s Flip-Flop
An Ohio advocacy group, which once supported a proposed anti-predatory lending law, has come out against a modified version passed in the state’s House of Representatives last week. Ohio lawmakers were pressured by the lending industry into supporting bad legislation, said Bill Faith, the executive director of Coalition on Homelessness and Housing in Ohio. The version passed in the House relaxes mortgage brokers’ fiduciary responsibilities too much, does not clearly define predatory lending, and has too much latitude to impose fines, Faith said.
The Senate, which passed the original version of the bill, did not approve the changes before the legislature went on a month-long spring recess. The bill will now go to a conference committee — which will begin meeting in May — to see if the legislature can reach a compromise.







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