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June Is National Homeownership Month In Ohio
Columbus - Governor Bob Taft recognized June as National Homeownership Month stressing to borrowers the importance of understanding the responsibilities of owning a home and working with trusted financial institutions. Last year, Ohio's overall homeownership rate ranked 18th in the nation at a record high of 73.3 percent. National Homeownership Month is an educational outreach effort to help borrowers understand the commitment involved in buying and owning a home.
"Despite the continued strength of the housing market, it is important that first-time homebuyers understand the financial and social obligations of buying a home. As we recognize National Homeownership Month in Ohio, I want to remind Ohioans to be cautious of unscrupulous lenders," said Taft. "Predatory lending in our state is turning the 'American Dream' into a nightmare for far too many Ohioans. I am committed to working tirelessly to combat predatory lending in Ohio, to ensure that all Ohioans have the opportunity to become homeowners."
In October, Taft directed the Ohio Department of Commerce to seek an addition $1.5 million in annual spending authority from the State Controlling Board to strengthen its ability to regulate the mortgage broker industry and protect Ohio consumers. The funding will allow the Department of Commerce to hire additional staff members to build on its current licensing, enforcement and consumer outreach initiatives in the mortgage broker and other consumer finance industries. These efforts will also help arm homeowners with information about the mortgage lending process so that they will be less likely to be victimized by abusive lenders. Read more at governor.ohio.gov
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