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Ohio Targets Subprime Lenders; Will SC Follow Suit?
Ohio Attorney General Marc Dann has announced he’s going after Wall Street firms who helped consumers get mortgages they couldn’t afford, one big cog in the giant meltdown machine that’s currently behind the exploding foreclosure numbers. Here’s the story from Bloomberg News. The article mentions that Dann plans to use the Ohio state version of the federal RICO laws (Racketeer Influenced and Corrupt Organizations). RICO’s a tough statute to work with, but it has a great deal of “bite” to go with its bark. If Ohio’s law is similar (and I’m not familiar with it or licensed in Ohio) it could be a mighty weapon indeed.
Would SC AG Henry McMaster ever consider a similar course of action? Stay tuned ….
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