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Ohio


Sherrod Brown: Billions isn't enough for the damage mortage lenders did
Complaints against the mortgage lenders were dropped in exchange for settlement payments
by WKSU's STATEHOUSE CORRESPONDENT BILL COHEN


Reporter
Bill Cohen
 
Among the consistent economic themes of Sen. Sherrod Brown is support for the auto bailout and criticism of bank foreclosures.
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Ohio's U.S. Sen. Sherrod Brown says the recent agreement by 10 major mortgage servicers to pay billions of dollars to wrongly-foreclosed homeowners is good, but not big enough. Ohio Public Radio’s Bill Cohen reports.

Cohen on mortgage settlement

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Cohen on mortgage settlement short version

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About 95,000 Ohioans may be eligible for a piece of the mortgage crisis settlement, which 10 banks and mortgage servicers agreed to pay to settle claims that they improperly foreclosed on millions of homeowners in 2009 and 2010.

Ohio’s Democratic U.S. Sen. Sherrod Brown has been a major critic of the banks, and isn’t wowed by the settlement. “That sounds like a lot of money. It is a lot of money. But considering the scope of the problem and considering the profits of some of these banks, we can question whether that amount is adequate.”

Some of the money will go to lower interest rates on continuing loans. The money will also go toward people who have lost their homes.

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