Cuyahoga County Forclosure Prevention Program
Cuyahoga County is trying to educate the public. Very interesting web site. At least they are trying to be proactive with their foreclosure problem. Thumbs up to them!
Monday, March 26, 2007
Thursday, March 22, 2007
Congress told of cities devastated by lenders
From The Cleveland Plain Dealer
Thursday, March 22, 2007
Sabrina Eaton
Plain Dealer Bureau
Washington - Predatory mortgage lenders and payday loan shops are turning inner-city neighborhoods all over the nation into ghost towns and must be reined in by the federal government, a panel of urban experts told a House subcommittee on Wednesday.
Defaults on mortgages given to financially strapped homeowners at high interest rates have pushed neighborhoods in cities like Cleveland past the "tipping point" of urban blight, Cuyahoga County Treasurer James Rokakis told the House Government Oversight subcommittee on domestic policy.
"The damage has been enormous, but sadly, the news of the past few months convinces me that the worst is yet to come," Rokakis said, attributing high foreclosure rates in Cleveland to "unbridled greed" by unregulated mortgage brokers.
Whole Article
What will the Feds do now?!?!?!
Thursday, March 22, 2007
Sabrina Eaton
Plain Dealer Bureau
Washington - Predatory mortgage lenders and payday loan shops are turning inner-city neighborhoods all over the nation into ghost towns and must be reined in by the federal government, a panel of urban experts told a House subcommittee on Wednesday.
Defaults on mortgages given to financially strapped homeowners at high interest rates have pushed neighborhoods in cities like Cleveland past the "tipping point" of urban blight, Cuyahoga County Treasurer James Rokakis told the House Government Oversight subcommittee on domestic policy.
"The damage has been enormous, but sadly, the news of the past few months convinces me that the worst is yet to come," Rokakis said, attributing high foreclosure rates in Cleveland to "unbridled greed" by unregulated mortgage brokers.
Whole Article
What will the Feds do now?!?!?!
Friday, March 16, 2007
New Century may be shut down in Ohio
State attorney general gets temporary restraining order against the troubled mortgage lender, claiming 'predatory' lending practices.
March 15 2007: 6:59 PM EDT
NEW YORK (Reuters) -- Ohio's attorney general joined officials from other states, barring troubled subprime mortgage lender New Century Financial Corp. from operating in the state.
On Attorney General Marc Danny's request, an Ohio judge late Wednesday issued a temporary restraining order prohibiting New Century (up $0.68 to $1.35, Charts) from soliciting consumers for broker services or mortgage loans, accepting loan applications and fees to process loans, initiating new foreclosures and pursuing pending ones and evicting consumers.
This is a little scaring!!!!!
March 15 2007: 6:59 PM EDT
NEW YORK (Reuters) -- Ohio's attorney general joined officials from other states, barring troubled subprime mortgage lender New Century Financial Corp. from operating in the state.
On Attorney General Marc Danny's request, an Ohio judge late Wednesday issued a temporary restraining order prohibiting New Century (up $0.68 to $1.35, Charts) from soliciting consumers for broker services or mortgage loans, accepting loan applications and fees to process loans, initiating new foreclosures and pursuing pending ones and evicting consumers.
This is a little scaring!!!!!
Saturday, March 10, 2007
Proposed Statement on Subprime Mortgage Lending
Contributors
Department of the Treasury
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Department of the Treasury
National Credit Union Administration
The main text is on page 6 through 11.
Department of the Treasury
Board of Governors of the Federal Reserve System
Federal Deposit Insurance Corporation
Department of the Treasury
National Credit Union Administration
The main text is on page 6 through 11.
Tuesday, March 6, 2007
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