Facing the Mortgage Crisis

MoneyWatch for June 2009
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The rippling effects from a perfect storm of economic and market forces are hitting people hard, especially in Northeast Ohio. With factors such as historically cheap credit, questionable lending practices, and increased availability of sub-prime loans, the mortgage crisis will be here for the foreseeable future.  Experts are predicting as many as one in thirty-three homeowners will face foreclosure within the next year as prices rise for health care and gasoline.

All in all, foreclosures negatively affect communities.  They have the potential to force many into a state of desperation, making their communities vulnerable to blight and crime. Foreclosures devalue property and ruin related businesses causing jobs to be lost and families to become homeless.

It is obvious our people are struggling to remain afloat as they continue to weather this storm. Their losing battle has left Public Media in a unique position to help with these critical issues. Through our Facing the Mortgage Crisis project ideastream® believes that by raising public awareness, mobilizing networks of trusted community partners, and by aggregating community resources, we can make a significant difference in the communities we serve.  We have partnered with various community organizations to share dialogue and information throughout our region. In the coming months, you will find information, services and resources that will connect individuals with a multitude of programs available to help. Hope has been entrusted in these collective forces, and their impact is predicted to be felt across America.  ideastream® is honored to be part of this ongoing effort. 

United Way: 211 - First Call for Help
Don’t Borrow Trouble: Cuyahoga County Foreclosure Prevention Program
ESOP: Empowering and Strengthening Ohio’s People
Maxine Goodman Levin College of Urban Affairs - Cleveland State University: Building our Future Beyond Foreclosure

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Research assistance for MoneyWatch is from Cleveland State University Nance College of Business Administration. Information on the Nance MBD program is available here.