Financial Services & Housing Policy That Works for Main Street
The health of our economy depends on stable, fair, and efficient financial markets, and I will continue fighting for the changes needed to prevent another financial crisis from affecting small businesses and working families on Main Street. We must lay the groundwork for a financial system that looks after our workers, invests in our small businesses, and strengthens our middle class. And we must ensure that Ohio’s financial institutions can continue to provide affordable credit and insurance to small businesses.
Housing
Stable, affordable housing is critical to ensuring strong neighborhoods, schools, and communities. But the sub-prime lending crisis hit Ohio particularly hard. Foreclosures affect the property values of surrounding homes and lead to vacant lots vulnerable to crime. Unemployment and reduced tax revenues deplete the very state and local resources needed to address vital social services. As the Chairman of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, I’m working to rebuild our neighborhoods and ensure every Ohioan has a place that he or she can call home.
TIMOTHY F. GEITHNER left the Treasury Department last week after four years as secretary. So how did he do?
As financial adviser to the president in the tumultuous years immediately after the credit crisis, Mr. Geithner had immense sway over the government’s approach to all things economic. For everyday Americans, his major tasks included responding to the home Read More
Sen. Sherrod Brown wants to know: Does “too big to fail” mean “too big to jail?”
Brown, D-Ohio, and Sen. Chuck Grassley, R-Iowa, sent a letter to U.S. Attorney General Eric Holder questioning the federal government can effectively prosecute banks that have been deemed “too big to fail.”
Specifically, they want to know if the federal government can prosecute those banks and impose penalties on them. They also want Justice Department to disclose the identities of parties that prosecutors consult with about the appropriate level of penalties for f…Read More
In 2011, Jeanne Brigner reached out to my office after her mortgage servicer misapplied her monthly mortgage payment - an action which led her into foreclosure. Unlike many Ohioans, Jeanne was able to keep her home, but only after paying thousands of dollars in unnecessary fees. Unfortunately, the state of mortgage servicing is so bad that Jeanne is considered one of the lucky ones
Last week, in Columbus, Youngstown, and Toledo, I heard from Jeanne and other homeowners who were unjustly foreclosed on – upending families and economically depressing local communities. We all know the devastation that foreclosures inflict on our communities, homeowners, and families.
U.S. Sen. Sherrod Brown (D-OH) released the following statement following Richard Cordray’s re-nomination as director of the Consumer Financial Protection Bureau:
“Middle class consumers - from new homeowners, to college students, to senior citizens - deserve a forceful voice in Washington. Richard Cordray has been a strong consumer advocate during his time as head of the Consumer Financial Protection Bureau. Under his watch, the Bureau has crafted rules that balance the needs of consumers and the business community – as those of us who supported his nomination, including Ohio’s banks, knew that he would. His leadership i…Read More
In 2011, Jeanne Brigner reached out to my office after her mortgage servicer misapplied her monthly mortgage payment - an action which led her into foreclosure. Unlike many Ohioans, Jeanne was able to keep her home, but only after paying thousands of dollars in unnecessary fees. Unfortunately, the state of mortgage servicing is so bad that Jeanne is considered one of the lucky ones.
Last week, in Columbus, Youngstown, and Toledo, I heard from Jeanne and other homeowners who were unjustly foreclosed on – upending families and economically depressing local communities. We all know the devastation that foreclosures inflict on our communities, homeowners, and familie…Read More
FREMONT - U.S. Sen. Sherrod Brown’s 88-county roundtable tour stopped at Terra Community College on Friday, and Brown was surprised by one thing: all the people who came to watch him talk with local business leaders and elected officials.
“There’s a lot of interest,” said Brown, a Cleveland Democrat who was elected to his second term as senator in November.
Brown said the stops usually focus on jobs, and this stop was no exception, as community leaders told him about stagnant wages and increasing expenses. Brown asked Fremont Mayor Jim Ellis how water rates now compared to 10 years ago.
U.S. Sen. Sherrod Brown (D., Ohio) visited Toledo today to promote legislation he is sponsoring that would prevent lenders from launching foreclosure proceedings against homeowners in the midst of attempting to modify their mortgages.
The senator, who spoke at the Toledo offices of Advocates for Basic Legal Equality, Inc., also said that he is fearful that banks involved in a deal to pay $8.5 billion to homeowners hurt by the mortgage crisis are looking for ways to offset that settlement, primarily…Read More
