States Aim to Stem Tide of Home Foreclosures
With Funds for Refinancing By Thaddeus Herrick Wall Street Journal Hoping to slow the quickening pace of home foreclosures, about a half-dozen states are setting up funds to help homeowners with high-risk subprime mortgages refinance to more-affordable loans. The states — which include Maryland, Massachusetts, New Jersey, New York, Ohio and Pennsylvania — are expected […]
Ohio still spinning in foreclosure fury
Despite slight improvement, state is No. 6 in delinquent loans, report showsBy Denise Trowbridge Columbus Dispatch Troubles caused by subprime mortgage loans are still a sore spot in Ohio. The state had 19.9 percent of its subprime adjustable-rate loans, the type typically made to borrowers with poor or no credit, go 90 days past due […]
State budget shortfall looms
Port Clinton News Herald Associated Press COLUMBUS
Report Shows Ohio Foreclosures Rising
State’s foreclosure crisis ‘worsened substantially in 2006,’ report’s author says.By Ken McCall and William Hershey Western Star Foreclosure filings jumped by almost a quarter in Ohio last year, the largest increase in recent history, a new report has found. The number of filings in 2006
Report Finds Spike In Home Foreclosure Filings
Gongwer News Service Home foreclosure filings in Ohio continued to rise in 2006 with nearly 80,000 new filings, a 23.6% increase over the previous year, according to a Policy Matters Ohio report released Monday. Last year’s foreclosure spike is the largest absolute gain in the state’s recent history and follows three years of more modest […]
Bought with easy credit, homes lost in foreclosure
Chicago Tribune By Tim Jones CLEVELAND — This is the city where John D. Rockefeller made his fortune, where fullback Jim Brown bowled over hapless defenders and where the Rock and Roll Hall of Fame bestows cultural immortality on fabled musicians. Today Cleveland, with a rapidly growing stable of vacant and boarded-up homes, is known […]
Big Payday
An expanding industry merits expanded state attention The Akron Beacon Journal The payday lending industry has expanded rapidly the past decade, doubling in size since 2000. Ohio mirrors the story. In 1996, there were 107 payday businesses in the state. Today, the number exceeds 1,500. In Summit County, the number went from three in ’96 […]
Hard Times, Hard Money
The Toledo Blade By Robert Vitale ONE harbinger of so-called payday loans is a languid economy in which poorer consumers consistently find themselves with too much month left at the end of the money. How ironic, then, that here in Ohio one segment of the economy not still in a swoon is the business of […]
Benefits tangible; so is lost revenue
Some firms investing, but early results mixedBy Mark Niquette Columbus Dispatch Gary W. James doesn’t hedge when asked whether the sweeping tax cuts and other changes the state made to its tax code in 2005 are working. Without them, nearly $4 million in equipment and more than 50 new workers at his Dynalab plant in […]
‘Payday loan’ sites jump in decade in area, state
The Toledo Blade By Gary T. Pakulski A new report says so-called “payday loan” offices are more common than fast-food restaurants in Ohio. In Lucas County alone, their numbers have shot up nearly tenfold to 67 over the past decade, catapulting the county to fifth behind Franklin, Cuyahoga, Hamilton, and Montgomery counties, according to Policy […]
Keystone plant to close, costing 52 their jobs
The Columbus Dispatch By Paul Wilson Fallout from struggles by domestic automakers will cost Columbus 52 manufacturing jobs. Keystone Powdered Metal Co. said yesterday that it will close its plant at 2100 Advance Ave. this year. Demand for the company?s products declined as U.S. automakers, Keystone?s primary customers, lost market share in recent years, it […]
Payday Lending Stores Receive Criticism
WKSU By Bill Cohen The number of payday lending stores in Ohio has exploded in the past decade. A new study confirms the trend. Critics say there’s good reason for the stores’ success – they’re making a mint off of desperate consumers by charging sky-high interest rates. But the payday lending industry is answering the […]