Ohio To Get $335M In National Mortgage Settlement

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Ohio To Get $335M In National Mortgage Settlement

NBC4 — U.S. Sen. Sherrod Brown, who has pushed federal legislation against foreclosure abuse, welcomed the settlement.

Brown said in a statement, however, that Congress needs to take action to prevent future servicer fraud and errors, improve foreclosure prevention and consumer counseling, and rein in mortgage-based investing.

“Too many Americans were steered into unfair mortgages by fast-talking brokers then illegally foreclosed upon by Wall Street banks cutting corners,” he said. “Today’s settlement is an important victory for homeowners and communities devastated by the housing crisis. But it only scratches the surface of problems with the housing industry that need to be addressed.”

In an unusual public release, ousted former Ohio Attorney General Marc Dann warned Ohioans against being sucked in by the terms of the settlement and giving up on legitimate legal claims that could yield bigger payouts.

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