Facing the Mortgage Crisis is part of CPB’s Public Service Media Economic Response Initiative.

Recent Regional Coverage

Facing the Mortgage Crisis is a multi-media project designed to raise public awareness, mobilize networks of community partners, and aggregate community resources to serve our Northeast Ohio communities. Links to ideastream®’s past and ongoing coverage of the mortgage crisis are found below. In addition, we’ve collected a list of community organizations, resources and events that may be helpful to individuals facing foreclosure or other mortgage related difficulties.

Former Ohio AG Marc Dann Sues Ohio Law Firm Over Questionable Foreclosure Signing Practices

Posted on Tuesday, January 4, 2011

A nationwide foreclosure robosigning scandal has hit home with the filing of a class action suit today in Cuyahoga County Common Pleas Court. One of the attorneys filing the suit is former Ohio Attorney General Marc Dann, who resigned that post in 2008 after a sexual harassment claim in his office led to a conviction on ethics violations. ideastream's Mhari Saito reports.

Cleveland, Nonprofit Sue Deutsche Bank, Loan Servicers Over Bills for “Dangerously Blighted” Houses

Posted on Monday, December 20, 2010

A local nonprofit and the city of Cleveland are asking a federal judge to force nearly a dozen financial institutions and loan servicers to take care of the houses they took back in foreclosure or pay to knock them down. ideastream®'s Mhari Saito reports.

Cleveland Area Home Prices Take A Dive

Posted on Tuesday, November 30, 2010

A closely watched economic index shows home prices in Cleveland took a big hit from August to September, dropping 3 full percentage points. ideastream's Bill Rice reports.

Show 1447

Posted on Friday, November 19, 2010

Feds Charge Six With Mortgage Fraud Related Crimes in Cuyahoga County

Posted on Wednesday, November 10, 2010

A loan officer of a defunct Cleveland area mortgage company and five investors were charged with mortgage fraud related crimes (Wednesday) today in federal court.

Cuyahoga County Courts Give Lenders 30 Days to Sort Out Flagged Foreclosures

Posted on Monday, November 8, 2010

The court system that handles the most foreclosure cases in Ohio is adopting changes to the process in the wake of the "robosigning" scandal. ideastream®'s Mhari Saito reports that the policy could effect thousands of pending foreclosure cases in Cuyahoga County's Court of Common Pleas.

Show 1444

Posted on Friday, October 29, 2010

Foreclosure Talk Heats Up Sound Of Ideas

Posted on Tuesday, October 26, 2010

A banking industry lobbyist and Ohio's Attorney General went toe-to-toe Tuesday; both assessing blame and offering assistance to people who are suffering through the housing foreclosure crisis. Ideastream®'s Rick Jackson recaps the conversations from WCPN's The Sound Of Ideas.

Cle Fed: More Ohioans Getting Better Loan Mods, But Even More Loans Going Bad

Posted on Wednesday, October 20, 2010

Unless you've been through a loan modification process, this might be a surprise: most troubled homeowners who went to their lender and said 'help me with my mortgage' found their payments went up...that is until recently. ideastream®'s Mhari Saito spoke with researchers at the Cleveland Federal Reserve who documented that change in Ohio.

Ohio AG Sues GMAC Mortgage Over So-Called Robo-Signings

Posted on Wednesday, October 6, 2010

Ohio's Attorney General has filed yet another lawsuit over questionable mortgage practices by a loan servicer. But this one is the latest in the growing furor over so-called robo-signings. ideastream®'s Mhari Saito reports.

New Program Offers Help To Unemployed Ohio Homeowners

Posted on Monday, September 27, 2010

It's part of a new program that does more than simply hook the homeowners up with counselors to help them negotiate better terms on their mortgages. Ohio Commerce Director Kimberly Zurz tells statehouse correspondent Bill Cohen the new program also offers money. She says the 320 million federal dollars are also available to other Ohioans who are facing foreclosure. To apply for the financial help, officials are telling Ohioans to apply on-line at: www.savethedream@ohio.gov. As the program kicked off Monday, officials reported receiving more than a thousand inquiries, just in the first few hours.

Brookings Report Shows Only Marginal Economic Improvement

Posted on Wednesday, September 15, 2010

The Brookings Institution's latest report on the state of the economy paints a bleak picture for the nation, and the Great Lakes Region. Ideastream's Bill Rice reports.

Go Invest Wisely: A Business Proposal That Turned Out to Be Anything But Wise

Posted on Friday, September 3, 2010

This week, housing experts headed to the Federal Reserve in Washington DC to talk about foreclosures and what happens to the vacant houses left behind. One of the issues discussed was what to do with properties bought by investors from out-of-state and sometimes even another country. This is an issue for cities and towns across Northeast Ohio. Sometimes property owners rehab and successfully rent out or sell the houses. ideastream's Mhari Saito and Eric Wellman though talked about one investment plan that went very badly leaving behind hundreds of abandoned houses in its wake.

No Let-up in Ohio Foreclosures

Posted on Wednesday, August 25, 2010

Ohio's foreclosure crisis is continuing and there are no signs that it will be letting up anytime soon. That's the consensus of some Ohio officials and advocates at a statewide summit meeting on foreclosures, held in Columbus, Tuesday. One effort the Cleveland Federal Reserve is making to help people stay out of trouble is a series of free educational seminars for consumers about mortgages and the lending process. The sessions which Thursday will be held evenings and weekends at at Case Western University's business school. First time buyers are especially encouraged to attend. For more information Phone 216 368 5537 More on the foreclosure story from Statehouse Correspondent Bill Cohen.

The Art of Foreclosure

Posted on Thursday, August 19, 2010

President Back In Ohio To Reassure Voters

Posted on Wednesday, August 18, 2010

To hear President Barack Obama tell it, the nation's economy is on the upswing. And that's the message he brought to OHIO Wednesday. Statehouse correspondent Bill Cohen reports on the president's visit to a neighborhood backyard in Columbus

Ohio Republicans Criticize Obama Stimulus

Posted on Wednesday, August 18, 2010

As anyone would expect, Republicans in Ohio have a different perspective on the federal stimulus package that President Obama's supporters were praising. Ohio Public Radio's Karen Kasler reports.

Neighbors of Blighted Houses Have Door Opened To Restitution

Posted on Wednesday, August 11, 2010

At this point in the housing collapse, it's likely that many people have a foreclosed house on their street — an eyesore that just won't sell or, even worse, that no one keeps up anymore. In Cleveland, one judge is testing out a somewhat radical judicial tactic that could help some of those homeowners. ideastream®'s Mhari Saito filed this report for NPR.

Third Federal Faces Stepped-Up Regulation

Posted on Monday, August 9, 2010

The President of Third Federal Savings and Loan tried to quell concerns over increased scrutiny by federal regulators. Ideastream’s Bill Rice reports.

New Disincentive for Negligent Landowners

Posted on Thursday, August 5, 2010

What if the house next to yours was vacant, owned by some faceless out-of-town landlord, and going to pot? What recourse would you have if your property lost value as a result? On Thursday's Sound of Ideas, we'll talk about Cleveland Judge Ray Pianka's plan to allow neighbors to seek restitution for damages. Is the judge innovative or is he moving into activist territory? And what other weapons are available, here and elsewhere, to keep neighborhoods from turning into slums? Join us for the discussion at 9:00 this morning on 90.3.

New Foreclosure Report Details Crisis and Response

Posted on Friday, July 30, 2010

This report by the Federal Reserve Bank of Cleveland tracks the foreclosure crisis from its outset and examines the steps communities have taken to lessen its impact. Download the report.

Mortgage Refinancing Conundrums

Posted on Wednesday, July 7, 2010

Mortgage rates are at a fifty year low -- below 4.6 percent. That may sound like cheap money to many people, but if it does, why aren't more of them refinancing their homes? As it turns out, many can't or won't for a host of reasons. Wednesday morning at 9, we take a deeper look at the quirks in the current mortgage market, which would appear to be a buyers' markets (without the buyers). Plus, everything that should be considered when refinancing a home.

HUD and Land Bank Strike Deal to Clear Blighted Homes

Posted on Friday, July 2, 2010

Cuyahoga County's Land Bank has struck a deal with the US Department of Housing and Urban Development to take ownership of hundreds of foreclosed and abandoned homes for as little as a hundred dollars each. Ideastream intern Michelle Kanu reports it's a big step in helping the county recover from the foreclosure crisis.

Judge Slaps Unscrupulous Property Investors With Multi-Million-Dollar Fines

Posted on Monday, June 21, 2010

A Cleveland judge has fined two South Carolina real estate companies more than 13 million dollars for their continued failure maintain homes they bought for a small fraction of their former value. ideastream®’s Dan Bobkoff reports.

Mortgage Fraud Crackdown Includes Many Local Cases

Posted on Friday, June 18, 2010

In Washington DC today, the Justice Department announced that it is investigating more than 3,000 cases of mortgage fraud across the country. That's more than double the number of cases investigators were handling just two years ago. Here in Northeast Ohio, the region's top law enforcement officials came out this afternoon to highlight what they've been doing here. ideastream's Mhari Saito spoke with ideastream®'s Eric Wellman.

Mortgage Fraud Crackdown Includes Many Local Cases

Posted on Thursday, June 17, 2010

Top law enforcement officials from around the state were in Cleveland today (yesterday) to announce their participation in a nationwide crackdown on mortgage fraud. ideastream®'s Mhari Saito reports.

Rokakis: Foreclosure Crisis Has Gotten Worse

Posted on Monday, June 14, 2010

Weekend Edition visited Cleveland in May of 2008 to report on the foreclosure crisis. At that time, foreclosures and abandoned homes were, for the most part, a result of predatory lending. Now, two years later, host Scott Simon returns to find that, according to Cuyahoga County Treasurer Jim Rokakis, things have only gotten worse. Councilman Tony Brancatelli, who represents Cleveland's Slavic Village, says he has reason to be optimistic, however, and shows us around some of the revitalized areas of his neighborhood.

Rokakis: Foreclosure Crisis Has Gotten Worse

Posted on Monday, June 14, 2010

Neighborhood Groups Sound Alarm On Mortgage Scammers

Posted on Thursday, June 10, 2010

Counselors from affordable housing non-profits canvassed neighborhoods around the state Wednesday as part of a national campaign to warn homeowners about mortgage scammers.

Cleveland Summit Addresses Future Of Home Financing

Posted on Thursday, June 10, 2010

A panel of housing experts from around the country are in Cleveland this week to share ideas on how to shape government policy to keep the mortgage crisis from re-occuring. Ideastream's Bill Rice sat in on the opening sessions.

Some Positive Feedback On Ohio’s “Hardest Hit” Foreclosure Plan

Posted on Sunday, June 6, 2010

Ohio's plan to spend $170 M million federal dollars to help stem foreclosures is getting positive reviews from people on the front lines of the housing crisis. ideastream's Bill Rice reports.

Home Prices Drop Nationally, Increase In Cleveland

Posted on Tuesday, May 25, 2010

Home prices in the Cleveland area rose from February to March according to a much-watched index, but the expiration of a federal home-buyer's tax credit may tamp down any momentum in the coming months. ideastream's Bill Rice reports.

Foreclosure Problem Still Not Improving, According To New Figures

Posted on Thursday, May 20, 2010

It's been exactly one year since the Ohio House of Representatives approved a plan for a six month moratorium on home foreclosures.....but the state senate has ignored the plan and has yet to approve any alternative. Meanwhile, some new numbers indicate Ohio's foreclosure problem is getting worse. Statehouse correspondent Bill Cohen reports.

Record Prison Sentence Given in Slavic Village Mortgage Fraud

Posted on Wednesday, May 19, 2010

A Cuyahoga County Common Pleas Court judge has given a mortgage broker 14 years in prison for his role in a $5.8 million dollar fraud case in Cleveland's hard hit Slavic Village neighborhood. ideastream's Mhari Saito reports.

The Long Road to “Youngstown 2010”

Posted on Wednesday, May 19, 2010

The City of Youngstown made international headlines seven years ago when city leaders unveiled a plan to face the future…by shrinking. The ambitious program, called “Youngstown 2010”, included the demolition of abandoned properties, the growth of green space, and a revitalized downtown. In the wake of President Obama’s recent visit to praise the city’s progress, ideastream’s David C. Barnett examines what’s been done --- and what’s left to do.

Fixing the World of Finance

Posted on Monday, May 17, 2010

Lawmakers trying to build consensus around financial reform are focused on who will regulate which institutions and which investments, and whether there ought to be an agency devoted solely to consumer protection. There's another concern: Would any of the proposals have altered the foreclosure wave that demolished Slavic Village along with vast swaths of the rest of the state and nation? Monday morning at 9, join host Dan Moulthrop and guests to talk about where fiancial reform is headed and what difference it might make.

Cleveland Versus Wall Street

Posted on Monday, May 17, 2010

A Northeast Ohio community activist walked down the red carpet at the Cannes Film Festival, over the weekend. A Swiss-made documentary on Cleveland's mortgage meltdown was screened at the prestigious movie event on Sunday. ideastream®'s David C. Barnett reports that some of the local subjects of the film flew to France to be there on opening night.

Origins of the Mortgage Crisis

Posted on Wednesday, May 12, 2010

This week, WCPN reports connected the dots between some of the region's devastated neighborhoods and the deals that put Goldman Sachs in hot water with the Senate. In short, backing those Goldman bonds were mortgages on homes in Slavic Village. It's a reminder that Northeast Ohio is very close to the heart of the mortgage crisis. Journalist Alyssa Katz tells another side of that same story in her book: "Our Lot, How Real Estate Came to Own Us." We reprise a conversation with her, Tuesday morning at 9 on 90.3.

Recession or Recovery?

Posted on Tuesday, May 11, 2010

The news lately offers no clear picture of where we are in this global recession: employment numbers are up, but so are unemployment numbers; the housing market doesn't seem as bad as it was, but Fannie Mae and Freddie Mac have just requested for another $19 billion in relief; Greece may have avoided a debt crisis, but last week showed the market is still volatile. So, is the economy improving or not? Tuesday morning at 9, join host Dan Moulthrop and local and national economists for answers.

County Land Bank, Fannie Mae In Deal

Posted on Monday, April 26, 2010

Cuyahoga County has cut a deal with a federal agency that could lead to improved values for land owners. Ideastream®'s Rick Jackson reports.

State Seeking Plan To Spend Housing Dollars

Posted on Monday, April 19, 2010

State officials say they're making progress in determining how they'll use federal stimulus dollars allocated for mortgage foreclosure relief. More from ideastream®'s Rick Jackson.

Planning For Federal Foreclosure Assistance Underway

Posted on Monday, April 5, 2010

Now that Ohio is in the mix for federal funding to ward off future foreclosures, state officials are setting about designing a proposal to actually secure the money. As Ideastream's Bill Rice reports, there are differing ideas on how best to use it.

Little Action In General Assembly To Stem Foreclosures

Posted on Tuesday, March 30, 2010

Over the past 4 years, Ohio has seen around 337-thousand home foreclosures, but state legislators have yet to approve any major bills to stem the tide. Democrats who dominate the Ohio HOUSE have okayed two proposals...but they're upset that Republicans who dominate the Senate have ignored them....and haven't even okayed any alternatives. Statehouse correspondent Bill Cohen files this report.

Foreclosure Prevention Funding Expanded To Include Ohio

Posted on Monday, March 29, 2010

Ohio is among several states being added to the federal government's funding program to help struggling homeowners in the hardest hit housing markets.

Home Sales Spur Optimism

Posted on Tuesday, March 23, 2010

While the national home re-sale numbers were down from one year ago - there is optimism that Ohio's housing market has begun to rebound - even here in the hard-hit Northeast region. ideastream®'s Rick Jackson has details.

Ohio Seeks Federal Foreclosure Relief Funds

Posted on Friday, February 26, 2010

Ohio's congressional delegation and locals officials continue to make the case that Ohio was unfairly left out of federal assistance to help mitigate the foreclosure problem. ideastream's Bill Rice reports.

Doubled-Up in Northeast Ohio

Posted on Friday, February 26, 2010

The foreclosure crisis has left thousands of abandoned and boarded up houses across Northeast Ohio. But, have you ever wondered what happens to the people who used to live in those homes? Have they moved away? Are they living in homeless shelters? Some local housing analysts suspect that a good number of these people have moved in with family and friends, which could affect this year's census count. ideastream®'s David C. Barnett has more on the phenomenon known as "doubling up".

Lorain Co. Sees Foreclosures Spike

Posted on Wednesday, February 3, 2010

Lorain County officials this week reported a record high number of mortgage foreclosure filings in 2009, following a pattern being seen regionally. ideastream®'s Rick Jackson looks at the meaning behind the increases.

Money For Foreclosure Counseling Running Out

Posted on Thursday, January 21, 2010

For each of the last 3 years, Ohio has seen about 80-thousand foreclosure filings - 4 times as many as in the 1990's. Some homeowners facing foreclosure, though, have held onto their houses with help from specially-trained counselors to help them wade through the complex financial forms and negotiate with lenders. Money to pay the counselors is set to RUN OUT in April. That has many homeowners and anti-poverty activists worried. Statehouse correspondent Bill Cohen reports

State A.G.s Predict Foreclosure Increase in 2010

Posted on Wednesday, January 20, 2010

Ohio Attorney General Richard Cordray says the federal home loan modification program is not meeting expectations in Ohio and many other states, and he expects America's foreclosure problem to worsen in the coming year. Ideastream's Bill Rice has more.

Ohio Joins Other States In Support Of Proposed Lending Rules

Posted on Thursday, December 24, 2009

Ohio Attorney General Richard Cordray is backing a federal proposal to eliminate incentives paid to loan officers and mortgage brokers that result in loans that are overly risky or expensive. Ideastream's Bill Rice reports.

JP Morgan Chase Might Have Agreement to Help Ohio Borrowers, But It Won’t Say

Posted on Monday, November 30, 2009

An Ohio nonprofit says it has come to a verbal agreement with one of the country's largest banks, JP Morgan Chase, that could help some Ohio borrowers. But a Chase spokesman wouldn't comment. ideastream®'s Mhari Saito reports.

Number of Ohio Borrowers - Even in Prime, Fixed Loans - More Than Three Months Behind in Payments Up

Posted on Thursday, November 19, 2009

According to new data from the Mortgage Bankers Association, one in every six and a half home loans in Ohio are at least one month behind or in foreclosure. And the number of Ohioans seriously late on their mortgage payment has more than doubled over the past three years. ideastream®'s Mhari Saito reports.

Ohio Among States Least Helped By Foreclosure Prevention Program

Posted on Wednesday, November 18, 2009

A new study shows that Ohio is one of the states least helped by President Barack Obama's plan to help borrowers in trouble. It's a distinction the state can hardly afford. Ohio has long been one of the worst hit states in the country's foreclosure crisis. ideastream®'s Mhari Saito reports.

The Problem with Federal Mortgage Modifications

Posted on Wednesday, November 18, 2009

When the Obama administration launched the "Making Home Affordable" program last March, it said the program would help as many as nine million homeowners stay in their homes. At this point, it has only helped about 650-thousand--and for most of them, the help is temporary and may end in a matter of months. To make matters worse, it seems to be having only a marginal impact in Ohio. On the Next Sound of Ideas, why the foreclosure avoidance program doesn't seem to be helping. Wednesday morning at 9 on 90.3.

Jorma Kaukonen, The Tyranny of Email and Donald Black

Posted on Wednesday, November 4, 2009

Dee Perry shares an archived interview and performance with Ohio blues guitarist and Rock and Roll Hall of Famer - Jorma Kaukonen - prior to his appearance for the Kent State Folk Festival. Plus we attempt to escape The Tyranny of Email with award-winning writer and book critic John Freeman before his booksigning tomorrow night at Barnes and Noble Woodmere. And local photographer Donald Black discusses his recent art exhibit For Closure, which focuses on the local foreclosure crisis and partners him with poets and writers from The Lit.

Show 1340

Posted on Sunday, October 4, 2009

Show 1339

Posted on Friday, September 25, 2009

Middle Class Feeling The Pain Of Recession

Posted on Friday, September 11, 2009

90.3’s The Sound of Ideas examined the struggles of the suburban middle class, and where people who are accustomed to a higher standard of living are turning for help. Ideastream’s Bill Rice reports.

Help Wanted for Middle Class & Suburbs

Posted on Friday, September 11, 2009

The worst downturn since the 30's has brought tremendous pressure on Ohio’s social service agencies. The latest data shows the pain has clearly spread to suburbia. The same middle class people who supported charities are now asking them for help to put food on the table and pay for other basics. Requests for help with utility bills have more than doubled. How are those agencies keeping up? And how will the state continue to fund unemployment benefits? Join Regina Brett as she explores the needs of the middle class in this special "Help Wanted" edition of the Sound of Ideas.

Mortgage Fraud Task Force: Largest Indictment in US From Cleveland and Eastern Suburbs

Posted on Wednesday, August 26, 2009

Law enforcement officials from across Northeast Ohio yesterday announced what they are calling the largest mortgage fraud indictment in the country. The indictment charges 57 defendants for fraudulently flipping hundreds of houses in nearly two dozen Greater Cleveland communities. ideastream®'s Mhari Saito reports.

Lenders Unload Mortgage Debt

Posted on Sunday, August 16, 2009

Lenders have come under fire for failing to modify troubled mortgages in a way that borrowers can actually pay for the home. Now, in particularly hard hit real estate markets like Cleveland, some borrowers are finding lenders offering them a surprising solution to their mortgage problems. It's a phenomenon some are calling "extreme short payoffs." ideastream's Mhari Saito has the latest in our ongoing series, "Facing the Mortgage Crisis."

CSU Study: Cleveland House Prices Dropping, Suburbs Holding

Posted on Tuesday, August 4, 2009

In the aftermath of the mortgage crisis, statistics on home values are a worry for many homeowners throughout Northeast Ohio. But they don't necessarily give a true measure of a single home's actual worth. Foreclosed properties drive down average and median home prices; but when you separate them out, the picture can look a lot different. A new study out of Cleveland State University does just that. ideastream®'s Mhari Saito reports.

Mortgage Modification Event Prompts Mixed Reactions

Posted on Thursday, July 23, 2009

It's the best of times...it's the worst of times. That Dickens line pretty well sums up the mixed reactions of Northeast Ohioans who attended an event to help at-risk homeowners this past week. N.A.C.A., the Neighborhood Assistance Corporation of America --- a Boston-based group --- came here to fast-track mortgage modifications. As a part of our on-going coverage, "Facing the Mortgage Crisis", ideastream®'s David C. Barnett tagged along.

Senate Banking Committee Grills Government Officials and Bank Executives

Posted on Friday, July 17, 2009

Banking Committee senators summoned federal officials and bank executives to Capitol Hill. They wanted to find out why the government is failing to stop waves of foreclosures that are hurting cities like Cleveland. As Eric Niiler reports, the hearing still didn't answer who is responsible.

Getting Help With a Mortgage in Trouble

Posted on Friday, July 17, 2009

Today and through the weekend, a Boston-based foreclosure prevention group hosts an event at downtown Cleveland's Wolstein Center. The nonprofit group, The Neighborhood Assistance Corporation of America, says it will help low and moderate income borrowers in trouble get into cheaper, lower interest loans. There are also a number of organizations that do that here in NE Ohio. ideastream®'s Mhari Saito reports as part of our ongoing coverage, Facing the Mortgage Crisis.

Audio Postcard: On the Frontlines of the Mortgage Mess

Posted on Friday, July 17, 2009

For some trying to avoid foreclosure and deal with lenders is just too confusing or frustrating. So, they turn to a group known for persistance, cunning and combativeness...when necessary: Lawyers. Lawyers like those you'd find at Ohio's Snyder Pro Law. The firm specializes in foreclosure assistance and uses a Chesterland-based paralegal company, Performing Investments Corporation, to help with their caseload. The firms allowed WCPN to listen in to their front-line encounters on the loan modification playing field.

Why Aren’t Banks Modifying More Mortgages?

Posted on Thursday, July 16, 2009

Today the heads of the country's largest mortgage lenders are in Washington DC to answer questions from Senators wanting to know what they've been doing to help home owners in trouble. It's a good question because, according to the best research available, only a small fraction of borrowers facing foreclosure have had their loans modified -- and most of those who did ended up with higher mortgage payments. That made no sense to ideastream executive editor David Molpus who turned to reporter Mhari Saito to help explain.

Foreclosure Prevention Group Claims Success in Modifying Mortgages

Posted on Tuesday, July 7, 2009

In the face of thousands of homes lost to foreclosure in the Greater Cleveland area --- and tens of thousands across the state --- a Boston-based foreclosure prevention group is coming to Northeast Ohio to host a mortgage restructuring fair. ideastream®'s David C. Barnett reports in our latest installment of "Facing the Mortgage Crisis"

Show 1327

Posted on Friday, July 3, 2009

Understanding Your Property Value Reassesment

Posted on Thursday, July 2, 2009

If you own property in Cuyahoga, Lake, Lorain, or Stark counties, chances are you’ve gotten a letter in the mail from the county telling you how much the auditor thinks your property is worth. Needless to say, you might not agree with the assessment. It’s time for this week’s Upside/Downside. These revaluations are coming out in a year that property values have taken a sharp dip, and the assessments reflect that, but you still might think it’s too high. ideastream®’s Dan Bobkoff talks to morning host Eric Wellman to explain that and the system that exists to challenge county property valuations.

Property Values and Tax Burdens

Posted on Wednesday, July 1, 2009

Homeowners in parts of NE Ohio have begun receiving re-valuation notices on their houses, and not surprisingly, most values are being revised downward. Some homeowners may argue the new value isn't actually low enough. Understanding those assesments and challenging them can be a complicated process. And in almost every case, the potential individual property taxes savings comes at a cost to the community. Wednesday morning at 9, we'll talk about how, why and whether to negotiate a lower value for your house and what lower home values mean for our cities.

Origins of the Mortgage Crisis

Posted on Tuesday, June 30, 2009

It’s well known that Cleveland has been among the hardest-hit cities in the nation by the subprime mortgage debacle but now an author says the country’s current economic crisis, the worldwide recession actually originated here. Alyssa Katz suggests that once the ball really got rolling a meltdown was inevitable. It was a storm brewing for years and, she says, the climate for it to break was just right in Cleveland. Our Lot...How Real Estate Came to Own Us Tuesday morning at 9:00 on 90.3.

Cleveland Better Business Bureau Says to Beware Loan Mod Firms Offering Help

Posted on Monday, June 29, 2009

Northeast Ohio's Better Business Bureau is warning homeowners in trouble about "loan modification" companies that promise more than they can deliver. As part of our ongoing coverage...Facing the Mortgage Crisis, Mhari Saito reports.

Artist Known for Paintings of Housing Crisis Wins Cleveland Arts Prize

Posted on Thursday, June 25, 2009

In our ongoing series, Facing the Mortgage Crisis, ideastream® has examined many aspects of foreclosure and the credit squeeze and today we go through a new door, taking a look at how the region's housing troubles have become the subject of art. The housing crisis has become fodder for some in NE Ohio's art scene: A play about foreclosure just finished a run at the Dobama Theater. Cleveland's Sculpture Center showed pictures of boarded up East Cleveland houses. And tonight, The Cleveland Arts Prize for emerging artist goes to a young woman who paints Cleveland's factories and homes. ideastream®'s Mhari Saito has this profile of the Tremont artist.

Cleveland Judge: Wells Fargo Can’t Sell Bank-owned Houses Until It Fixes Them Up

Posted on Thursday, June 18, 2009

A Cleveland judge says if Wells Fargo wants to sell off its bank-owned property in the city, it has to make some effort to fix them up first. The ruling effectively stops the sale of an estimated 180 Wells Fargo-owned houses in the city of Cleveland. As part of our ongoing series, Facing the Mortgage Crisis, ideastream®'s Mhari Saito reports.

Six Sellers Indicted in Slavic Village Mortgage Fraud Case

Posted on Tuesday, June 16, 2009

Cuyahoga County's Mortgage Fraud Task Force has quietly indicted six more people in the ongoing investigation into a massive mortgage fraud scheme in Cleveland's hard hit Slavic Village neighborhood. As part of our ongoing series, Facing the Mortgage Crisis, ideastream®'s Mhari Saito reports.

Fed Gov in Cleveland: Consumer Protections Needed in Mortgage Industry

Posted on Wednesday, June 10, 2009

Federal Reserve Governor Elizabeth Duke is in Cleveland today and told a packed auditorium that borrowers won't regain trust in the financial system without some additional legal protections. As part of our continuing coverage of Facing The Mortgage Crisis, ideastream®'s Mhari Saito reports.

Wells Fargo Fighting Ban on Selling Bank-owned Houses in Cleveland

Posted on Thursday, May 28, 2009

Attorneys for Wells Fargo are in Cleveland's Housing Court fighting an order that bars the financial giant from selling its bank-owned houses in the city. As part of our ongoing coverage of Facing the Mortgage Crisis, ideastream®'s Mhari Saito reports.

More NE Ohio Callers Looking for Mortgage Help to Hotline Have Lost Jobs

Posted on Monday, May 18, 2009

The number of callers to the United Way's 211 hotline looking for help with their mortgage is down slightly from last year. But workers there worry because a growing number of callers are looking for mortgage help for a new reason. As part of our ongoing series, Facing the Mortgage Crisis, ideastream®'s Mhari Saito reports.

Lenders Look for New Ways to Reach Buyers of Bank-Owned Houses

Posted on Monday, May 11, 2009

Cleveland's Amtrust Bank has been struggling with bad commercial and home loans in former boom states like California and Arizona. As of last summer, 7 percent of its loans were in trouble as borrowers were late on their payments. That's more than three times higher than the delinquency-rate-average among banks. Amtrust has laid off hundreds of staff, sold off assets, and filed a recovery plan in order to meet a stern federal warning. As part of our series, "Facing the Mortgage Crisis," ideastream®'s Mhari Saito reports on how Amtrust, and other lenders, are becoming very inventive in efforts to sell off the remains of the foreclosure mess, the houses they now own.

Upside/Downside: Local Analysis of Stress Test Results for Ohio Banks

Posted on Friday, May 8, 2009

A number of our region's biggest banks have gotten word from the government that they need to raise more money. The results of the "stress tests" found that KeyCorp needs to raise $1.8 billion, PNC needs to raise $600 million and Fifth Third must raise $1.1 billion. The government says the extra money is needed to protect the banks should the economy get much worse. Kevin Jacques is a professor of finance at Baldwin Wallace College. He's a former economist specializing in banking issues with the Treasury Department. He spoke with ideastream®'s Eric Wellman.

New Cleveland Company Wants To Be National “Clearinghouse” For Foreclosures

Posted on Tuesday, May 5, 2009

The city of Cleveland is getting over $25 million in federal tax dollars to deal with the aftermath of the foreclosure mess. And more federal funds could be on the way. The question now is how cities and counties can get the best deals on foreclosed properties from lenders and bond investors. As part of ideastream's ongoing series, "Facing the Mortgage Crisis, Mhari Saito reports a new Cleveland-based for-profit company wants to become the middleman in that process.

Ohio Banks Report First Quarter Earnings

Posted on Tuesday, April 21, 2009

Banking numbers for the first quarter are being released this week, and banks in Ohio are thus far, not faring well. ideastream®'s Rick Jackson reports.

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ESOP Partners with Area Suburbs to Help Homeowners

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Funding for the coverage of economy and jobs topics comes from The Cleveland Foundation; Eaton Corporation Charitable Foundation; The George Gund Foundation; The George W. Codrington Charitable Foundation; The Kelvin and Eleanor Smith Foundation; The Nord Family Foundation; NACCO Industries, Inc.; and Parker Hannifin Foundation