http://www.ideastream.org/mortgage ideastream - Facing the Mortgage Crisis Reports (c) Copyright 2010 ideastream - For Personal Use Only http://www.wcpn.org/WCPN/news/29601 http://www.wcpn.org/WCPN/news/29601#When:23:16:02Z 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. Wed, 03 Feb 2010 23:16:02 -0500 http://www.wcpn.org/WCPN/news/29417 http://www.wcpn.org/WCPN/news/29417#When:23:18:00Z 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 Thu, 21 Jan 2010 23:18:00 -0500 http://www.wcpn.org/WCPN/news/29408 http://www.wcpn.org/WCPN/news/29408#When:01:19:00Z 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. Thu, 21 Jan 2010 01:19:00 -0500 http://www.wcpn.org/WCPN/news/29107 http://www.wcpn.org/WCPN/news/29107#When:22:18:00Z 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. Thu, 24 Dec 2009 22:18:00 -0500 http://www.wcpn.org/WCPN/news/28752 http://www.wcpn.org/WCPN/news/28752#When:08:41:00Z 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. Mon, 30 Nov 2009 08:41:00 -0500 http://www.wcpn.org/WCPN/news/28665 http://www.wcpn.org/WCPN/news/28665#When:21:21:00Z 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. Thu, 19 Nov 2009 21:21:00 -0500 http://www.wcpn.org/WCPN/news/28654 http://www.wcpn.org/WCPN/news/28654#When:22:36:00Z 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. Wed, 18 Nov 2009 22:36:00 -0500 http://www.wcpn.org/WCPN/soi/28611 http://www.wcpn.org/WCPN/soi/28611#When:06:53:00Z 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. Wed, 18 Nov 2009 06:53:00 -0500 http://www.wcpn.org/WCPN/an/28431 http://www.wcpn.org/WCPN/an/28431#When:16:00:01Z 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. Wed, 04 Nov 2009 16:00:01 -0500 http://www.wviz.org/WVIZ/feagler/28044 http://www.wviz.org/WVIZ/feagler/28044#When:16:40:00Z Jim Rokakis, Cuyahoga County Treasurer; Anthony Brancatelli, Cleveland City Council member, Ward 12. Whether the foreclosure crisis has bottomed out nationwide is a moot question in greater Cleveland where the crisis is very much alive. Cuyahoga County still averages 1200 foreclosures each month. As a result, neighborhoods sink further into decline as abandoned homes proliferate, stripped by thieves of copper and other materials of value. Rokakis and Brancatelli have long waged visible battles against the effect of the crisis. Rokakis was the driving force behind the county’s foreclosure prevention program and is in the process of setting up a county land bank with the aim of returning foreclosed properties to productive use. Brancatelli’s Slavic Village Ward was the area that felt the greatest impact of the foreclosure crisis. Brancatelli has championed legislation making it easier for the city to maintain abandoned properties and assist residents seeking to avoid foreclosure. They’ll talk with Mr. Feagler about their plans for combating the crisis in the future and about the prospects for a turnaround. And we meet local artist Amy Casey, winner of the Cleveland Arts Prize as the year’s most promising emerging artist. Casey, a painter, uses the foreclosure crisis as her motif and her palette. This is an encore edition of Feagler & Friends. The show originally aired July 3, 2009. Sun, 04 Oct 2009 16:40:00 -0400 http://www.wviz.org/WVIZ/feagler/27994 http://www.wviz.org/WVIZ/feagler/27994#When:04:00:01Z Newsmaker: James Rokakis, Cuyahoga County Treasurer Cuyahoga County Treasurer James Rokakis has earned a national reputation for fighting foreclosures and battling predatory lenders. This past week, his attention shifted to charges of corruption just down the hall from his office. An employee of the County Auditor has been charged by the Feds with bribery, and Rokakis suspects that some local property tax appraisals have been rigged in exchange for cash. Ohio’s Attorney-General is launching an investigation. Roundtable: Tim McCormack, attorney & former County official; Harry Boomer, 19 Action News; Stan Bullard, Crain’s Cleveland Business. Tales of Bribes, Double-Dipping Lawyers and Property Price Fixing: The federal charges of bribery in the Auditors office raise fundamental concerns about property appraisals in Cuyahoga County. If the numbers have been cooked, funding for schools and libraries may be in jeopardy. A growing number of public officials are asking Auditor Frank Russo to resign. Can the Governor Hedge His Bets? Governor Ted Strickland shocked many of his admirers, this past summer, when he embraced one-armed bandits as a partial solution to the state’s economic woes. Just as final plans were underway, this week, to bring slot machines to Ohio’s race tracks, the Supreme court threw up it’s arm and said, “Wait a minute, any expansion of gambling needs voter approval.” Which means the governor may have a long wait for funds he was hoping would help balance what’s already a very lean budget. Afghanistan: As the U.S. military shifts its focus from Iraq to Afghanistan, support for the mission is waning here at home. The Taliban insurgency has returned with a vengeance since we defeated it eight years ago, and a recent, hotly contested election hasn’t exactly proven to be a ringing triumph of democracy. President Obama and his top military brass are calling for an American troop build-up, but some Americans worry that we’re marching into a quagmire. Flats East Bank on the Rebound? A pot of local, state and federal funds may shake the dust off of a much ballyhooed construction project that stalled out a year ago. After a parade of public officials praised the Flats East Bank project as the Second Coming of Cleveland’s fabled entertainment district, developer Scott Wolstein put the bulldozers in park when his financing fell apart, last fall. Some construction activity is resuming along Euclid Avenue, as well. Is it possible that we’re seeing the faint glimmerings of an economic recovery? Fri, 25 Sep 2009 04:00:01 -0400 http://www.wcpn.org/WCPN/news/27797 http://www.wcpn.org/WCPN/news/27797#When:21:12:00Z 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. Fri, 11 Sep 2009 21:12:00 -0400 http://www.wcpn.org/WCPN/soi/27777 http://www.wcpn.org/WCPN/soi/27777#When:11:05:00Z 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. Fri, 11 Sep 2009 11:05:00 -0400 http://www.wcpn.org/WCPN/news/27621 http://www.wcpn.org/WCPN/news/27621#When:22:29:00Z 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. Wed, 26 Aug 2009 22:29:00 -0400 http://www.wcpn.org/WCPN/news/27453 http://www.wcpn.org/WCPN/news/27453#When:13:00:00Z 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." Sun, 16 Aug 2009 13:00:00 -0400 http://www.wcpn.org/WCPN/news/27336 http://www.wcpn.org/WCPN/news/27336#When:21:25:00Z 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. Tue, 04 Aug 2009 21:25:00 -0400 http://www.wcpn.org/WCPN/news/27146 http://www.wcpn.org/WCPN/news/27146#When:07:32:00Z 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. Thu, 23 Jul 2009 07:32:00 -0400 http://www.wcpn.org/WCPN/news/27088 http://www.wcpn.org/WCPN/news/27088#When:12:57:00Z 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. Fri, 17 Jul 2009 12:57:00 -0400 http://www.wcpn.org/WCPN/news/27082 http://www.wcpn.org/WCPN/news/27082#When:09:00:00Z 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. Fri, 17 Jul 2009 09:00:00 -0400 http://www.wcpn.org/WCPN/news/27084 http://www.wcpn.org/WCPN/news/27084#When:09:00:00Z 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. Fri, 17 Jul 2009 09:00:00 -0400 http://www.wcpn.org/WCPN/news/27060 http://www.wcpn.org/WCPN/news/27060#When:12:19:00Z 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. Thu, 16 Jul 2009 12:19:00 -0400 http://www.wcpn.org/WCPN/news/26930 http://www.wcpn.org/WCPN/news/26930#When:05:39:00Z 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" Tue, 07 Jul 2009 05:39:00 -0400 http://www.wviz.org/WVIZ/feagler/26877 http://www.wviz.org/WVIZ/feagler/26877#When:17:50:00Z Jim Rokakis, Cuyahoga County Treasurer; Anthony Brancatelli, Cleveland City Council member, Ward 12. Whether the foreclosure crisis has bottomed out nationwide is a moot question in greater Cleveland where the crisis is very much alive. Cuyahoga County still averages 1200 foreclosures each month. As a result, neighborhoods sink further into decline as abandoned homes proliferate, stripped by thieves of copper and other materials of value. Rokakis and Brancatelli have long waged visible battles against the effect of the crisis. Rokakis was the driving force behind the county’s foreclosure prevention program and is in the process of setting up a county land bank with the aim of returning foreclosed properties to productive use. Brancatelli’s Slavic Village Ward was the area that felt the greatest impact of the foreclosure crisis. Brancatelli has championed legislation making it easier for the city to maintain abandoned properties and assist residents seeking to avoid foreclosure. They’ll talk with Mr. Feagler about their plans for combating the crisis in the future and about the prospects for a turnaround. Finally, we meet local artist Amy Casey, winner of the Cleveland Arts Prize as the year’s most promising emerging artist. Casey, a painter, uses the foreclosure crisis as her motif and her palette. Fri, 03 Jul 2009 17:50:00 -0400 http://www.wcpn.org/WCPN/news/26878 http://www.wcpn.org/WCPN/news/26878#When:19:46:00Z 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. Thu, 02 Jul 2009 19:46:00 -0400 http://www.wcpn.org/WCPN/soi/26825 http://www.wcpn.org/WCPN/soi/26825#When:13:00:00Z 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. Wed, 01 Jul 2009 13:00:00 -0400 http://www.wcpn.org/WCPN/soi/26814 http://www.wcpn.org/WCPN/soi/26814#When:13:00:00Z 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. Tue, 30 Jun 2009 13:00:00 -0400 http://www.wcpn.org/WCPN/news/26813 http://www.wcpn.org/WCPN/news/26813#When:19:35:00Z 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. Mon, 29 Jun 2009 19:35:00 -0400 http://www.wcpn.org/WCPN/news/26642 http://www.wcpn.org/WCPN/news/26642#When:09:00:00Z 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. Thu, 25 Jun 2009 09:00:00 -0400 http://www.wcpn.org/WCPN/news/26646 http://www.wcpn.org/WCPN/news/26646#When:23:46:00Z 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. Thu, 18 Jun 2009 23:46:00 -0400 http://www.wcpn.org/WCPN/news/26597 http://www.wcpn.org/WCPN/news/26597#When:18:41:00Z 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. Tue, 16 Jun 2009 18:41:00 -0400 http://www.wcpn.org/WCPN/news/26551 http://www.wcpn.org/WCPN/news/26551#When:19:30:00Z 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. Wed, 10 Jun 2009 19:30:00 -0400 http://www.wcpn.org/WCPN/news/26369 http://www.wcpn.org/WCPN/news/26369#When:23:06:00Z 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. Thu, 28 May 2009 23:06:00 -0400 http://www.wcpn.org/WCPN/news/26223 http://www.wcpn.org/WCPN/news/26223#When:09:00:00Z 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. Mon, 18 May 2009 09:00:00 -0400 http://www.wcpn.org/WCPN/news/26139 http://www.wcpn.org/WCPN/news/26139#When:09:00:00Z 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. Mon, 11 May 2009 09:00:00 -0400 http://www.wcpn.org/WCPN/news/26115 http://www.wcpn.org/WCPN/news/26115#When:13:19:00Z 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. Fri, 08 May 2009 13:19:00 -0400 http://www.wcpn.org/WCPN/news/26031 http://www.wcpn.org/WCPN/news/26031#When:18:00:00Z 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. Tue, 05 May 2009 18:00:00 -0400 http://www.wcpn.org/WCPN/news/25820 http://www.wcpn.org/WCPN/news/25820#When:21:50:00Z 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. Tue, 21 Apr 2009 21:50:00 -0400