Ohio 13th in US in foreclosure numbers

Ohio 13th in US in foreclosure numbers

COLUMBUS

Ohio had the nation’s 13th-highest foreclosure rate in May as one out of every 608 households in the state received a foreclosure notice.

A report released Thursday by Irvine, Calif.-based RealtyTrac shows Ohio saw nearly 8,400 foreclosure filings last month. Filings include default notices, auction-sale notices and bank repossessions.

RealtyTrac says the number of homeowners nationwide who were put on notice for being behind on their mortgage payments fell in May to the lowest level since 2006. The decline was the result of a slowing housing market and lingering delays in banks’ foreclosure process.

Mortgage lenders also took back fewer properties in May, the second down month in a row. Repossessions have been held up as many lenders continue to work through foreclosure documentation problems that surfaced last fall.

Regulators cite progress on rules

WASHINGTON

Federal regulators said Thursday they are collaborating with other nations on rules intended to prevent another global financial crisis.

The topic was raised at a congressional hearing looking into whether last year’s financial overhaul could drive business overseas and hurt the U.S. economy.

House Republicans are trying to weaken or kill the law before regulators finish writing rules opposed by the banking and financial community. Regulators, meanwhile, have said they will miss next month’s deadline to complete some of the rules a year after President Barack Obama signed the law.

Federal Reserve Gov. Daniel Tarullo, Treasury Department official Lael Brainard and other regulators told a House panel they have made progress in coming up with new capital requirements for banks together with officials overseas.

Capital One to buy ING’s US online unit

NEW YORK

Capital One Financial Corp. said Thursday that it will buy ING’s U.S. online banking unit for $9 billion, making it the fifth-largest bank in the country.

Under the terms of the agreement, Netherlands-based ING will receive $6.2 billion in cash and $2.8 billion in the form of about 56 million shares in Capital One, based on a share price of $50.07. With its 9.9 percent stake, ING will become the largest single shareholder in Capital One. ING will have the right to be represented by one member of Capital One’s board of directors.

Capital One said it expects to incur a charge of $210 million in acquisition costs when the deal closes late this year or in early 2012. The deal still is subject to regulatory approvals in the United States and the Netherlands.

Capital One, based in Mclean, Va., is best known for its credit-card business. But the company also has retail-banking locations in eight states and has offered its own direct banking for about a decade.

Staff/wire reports