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Cleveland suing banks to recover sub-prime loan losses

by WKSU's KEVIN NIEDERMIER


Reporter
Kevin Niedermier
 
The City of Cleveland is going to court, hoping to recover some of the millions of dollars lost in the sub-prime lending crisis. Mayor Frank Jackson says the city is suing 21 Wall Street companies, accusing them of violating Ohio law by funding shaky home loans.
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Someone needs to say something about this! http://www.fakepaycheckstubs.com IS THIS LEGAL? No wonder why we have the subprime mess we have when lenders USE FAKE DOCUMENTATION to help PUSH the loan through Quickly SO THAT EVERYONE DOWN THE FOOD CHAIN (from loan processor to the loan officer to the actual lender) can make the commissions they "WERE" making during the booming 90's!!! Now we are BAILING OUT THESE CROOKS....SOUNDS LIKE the good ol' 1980's Savings and Loan BAILOUT DAYS to me! http://www.fakepaycheckstubs.com see it with YOUR OWN EYES!


Posted by: dman (san jose) on January 17, 2008 11:11PM
REDUX: As a building inspector in Cincinnati, the neighborhoods here have been badly damaged by sub-prime mortgage problems as well as the house flipping that was so prevalent three or four years ago. Whole neighborhoods here now have comp-values 25% of what they were five and ten years ago. The vacant and abandoned houses are an economic drain as was outlined in your radio report. I don't seem to know how the market will self correct on this issue on near or short term. The loan practices over the past 7 years have been very strange. It is almost as if there were no regulations of the banking industry at the state and federal levels.


Posted by: Eric Otto (Cincinnati) on January 11, 2008 5:29PM
As a building inspector in Cincinnati, the neighborhoods here have badly damaged by sub-prime mortgage problems as well as the house flipping that was so prevalent three or four years ago. Whole neighborhoods now have comp-values 25% of what they were five and ten years ago. The vacant and abandoned houses are an economic drain as was outlined in your radio report. I don't seem how the market will self correct on this issue on near or short term. The loan practices over the past 7 years have been very strange almost as if there were no regulations of the banking industry at the state and federal level.


Posted by: Eric Otto (Cincinnati) on January 11, 2008 5:26PM
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