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Ohio Attorney General Files 2nd Suit Against Servicers

This article is the second article I have seen today about Ohio Attorney General Richard Cordray suing unscrupolous lenders.  According to this source, Ohio leads the nation in suing servicers and holding them to task about the practices they have used to prey on people and ultimately effect entire communities and the state and even federal system.   I applaud Mr Cordray for what he is doing and I only hope he does not stop with these two servicers.  It actually surprises me that he is choosing these smaller servicers to sue first.  Many of the bigger servicers (Wells Fargo, Citi, Bank of America, Countrywide, now defunct Argent, and many more, Fairbanks/ SPS) were the worst both in originating fraudulent/ predatory loans and unfair collection processes that hurt both the owners of the loans and the borrowers.

I applaud Mr. Cordray both in his advocacy for people in foreclosure  and in his willingness to do something that might not please some of the good old boy elite bankers that run this country.  Ultimately I believe his leadership will create a very strong motivation for lenders to cooperate in work out plans like short sales and loan modifications that benefit homeowners.

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