>Today's Dispatch:
The question hits home in Ohio, a national leader for foreclosures on both subprime and prime mortgage loans: Have federal and state lawmakers and regulators been too slow to intervene and prevent some mortgage companies from making highly questionable loans?
......Some recent dramatic falls in the stock market, combined with a tightening of credit, have exacerbated problems in the troubled home-loan industry. Many mortgage companies are struggling with bad loans to homeowners with shaky credit ratings.
Lawmakers in Ohio and Michigan, where the story of foreclosures extends far beyond subprime loans, are especially feeling pressure to do something..........U.S. Rep. Deborah Pryce, R-Upper Arlington, and Rep. Paul Gillmor, R-Tiffin, have introduced a bill that would require lenders to supply borrowers with information that is easier to understand.....
Pryce's idea sounds weak. Is this the best idea she can provide to slowdown foreclosures? Did she think about Ohioans losing their homes when she got all that money from Finance/Insurance/Real Estate Sectors as stated by Open Secrets? ( Since 1989, Pryce has received over $2.5 million dollars from PACs and those associated with finance/insurance/real estate.)
I think Pryce needs to stand back and really look at what she has said because her constituents don't feel comfortable with her views on a lot of issues.
By the way, if Pryce had delivered real jobs to central Ohio (instead of Wal-mart jobs), people would not be losing their homes.