Ohio Attorney General announced plans to continue to file lawsuits against mortgage companies for mishandling troubled homeowner loans. Ohio government lawyers crusade against unsavory business practices by lenders to stop the foreclosure crisis.
Ohio business litigation attorney-Ohio Attorney General will sue mortgage companies for unfair business practices that increased foreclosure rates.
Columbus, OH–Ohio government lawyers, with the Attorney General’s Office of Richard Corday, claim they are aggressively investigating other mortgage companies and plan to file lawsuits against the various lenders for unsavory business practices. The business litigation experts claim the unfair practices by mortgage companies led to foreclosures as reported by Reuters on Tuesday, September 8, 2009. The Ohio Attorney General (AG) sued one mortgage company, Carrington Mortgage Services, after a lengthy investigation into their business practices in July 2009. The top government legal eagle for the state of Ohio claimed Carrington Mortgage Services failed to prevent foreclosures by refusing to make good faith efforts with home mortgager holders.
The Ohio AG’s investigation into Carrington Mortgage Services’ incompetence led to additional investigations into other unnamed companies, and his office intends to sue these lenders according to Corday as reported by Reuters. Ohio reportedly ranks 12th in highest foreclosure rates in the United States for the first half of 2009. The government attorneys hope to use the court system to halt the foreclosure crisis and bring corporate wrongdoers to justice and further sway other mortgage companies and lenders from unfair business practices in dealing with troubled home owners.
The AG’s office asserts hundreds of home owners have complained their mortgage service providers have charged excessive fees for loan modifications, failed to return calls, lost vital documents, and have flat out reneged on promises to modify individual loans. These practices are completely opposite what the Home Affordable Modification Program (HAMP) instituted by President Barack Obama was designed to accomplish. The AG is unsure whether greed or incompetence is at the root of the increased foreclosures inspite of homeowners continued efforts to address their individual situations to stay in their homes. Ohio business litigation attorneys claim nobody wins when people continue to become homeless and good homes vacancy rates continue to rise.
Ohio business litigation attorney information by legal news reporter Heather L. Ryan