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Cleveland suing banks to recover
sub-prime loan losses Friday, January 11, 2008
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.
WKSU's Kevin Niedermier reports:
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Listener Comments:
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
Nice piece, Karen. It's unusual for plastic building materials to get attention in the news media -- although you'll hear more about them as construction compan...
If this were a safety issue no one would care, but it's all about money. Many times people not only pay a fine and court costs, but also get points on their dr...
I thank the Minsters that are fighting for gay rights. Phill Burris should not speak for all gay people he has no idea on how much we love God, and our country...
I hope they do it right and before they start writing the law they consult not only Doctors but Botanist as well as plant Biologists to understand the growth an...
The world is different today compared to the past (compared to even just a year ago). The constant march of technology makes it possible for a smaller work for...
This is just more bad news from Cleveland. I fear that Pittsburgh will continue to dominate Cleveland, this just gets worse. Pittsburgh is booming, while Clev...
don't do it. let them get Chapter 11 bankruptcy so that US auto industries will get better. the call for bailing out the big 3 auto makers are just throwing mon...
Posted by: dman (san jose) on January 17, 2008 11:11PM
Posted by: Eric Otto (Cincinnati) on January 11, 2008 5:29PM
Posted by: Eric Otto (Cincinnati) on January 11, 2008 5:26PM