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?!?!?!
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