News Home
Quick Bites
News Archive
News Channel
Special Features
On AirNewsClassical
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Greater Akron Chamber

Hennes Paynter Communications

For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )

Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Economy and Business

Underwater homeowners go on strike
Group says they will continue strike until Freddie Mac and Fannnie Mae restructure mortgage balances.

Simon Husted

An Ohio advocacy group is encouraging homeowners who owe more on their mortgage than their house is worth to go on strike.

Paul Bellamy says the group Empowering and Strengthening Ohio’s People Monday announced the first such protest against housing lenders.   So far three underwater homeowners have joined the strike.

Bellamy says the strikers are still making their payments - just to an attorney instead of the lender. 

Listen to Bellamy

Other options:
Windows Media / MP3 Download (0:26)

“These folks haven’t stopped paying their mortgage,” Bellamy says. “They’re simply paying it into escrow. It’s not as if folks are merrily going their own way ‘Oh well, I’m mad. I don’t have to pay my mortgage anymore.’ That’s not what’s motivating these folks and they recognize the risks they are taking by violating the contract. But they’re not violating any sort of criminal law or moral law anyone is aware of that I know.”

Bellamy says his group plans to continue the strike until the director of the Federal Housing Finance Agency announces plans to align mortgage balances with the dollar value of underwater homes.

Belamy estimates one-third of homeowners in Cuyahoga and Summit counties owe more than their homes are worth.

Add Your Comment


E-mail: (not published, only used to contact you about your comment)


Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook

Stories with Recent Comments

Kasich campaign evokes dark images of a Trump presidency

Backers of legalizing marijuana in Ohio promise to be back in 2016
We should be aloud to grow more than 4 plants and not have to register with the state considering it will be a free market.

Akron says it's had no second thoughts about welcoming refugees
What business does Councilman Neal own on North Hill? I'd love to support him. I am so glad to have the refugees in our neighborhood. I have lived here for 25 ...

Scarborough says the University of Akron is trying to rebuild relationships
In order for the University of Akron to grow and become a desirable place for students across Ohio and elsewhere, it must address the crime problem in the Akron...

Ohio Sen. Cliff Hite wants to end pay-to-play sports fees at Ohio's schools
You can bet Hite and Husted will also rush to the rescue of the Academic Challenge team, the speech-and-debate squad, the Science Olympians and the chess club. ...

Ohio lawmakers consider new gun bills
States that have gun restrictions/cities have reduced gun violence is false. CHICAGO has some of the toughest gun laaws/restrictions but yet fun violence is off...

Cleveland's public transit system considers fare increase for 2016
I work with individuals with disabilities. Yes some of my folks need more help than the average person. As a whole, the group I work with however can manuver ju...

Community group sues to re-open part of Wadsworth hospital
My father was part of the founding group of citizens which started the "new" Wadsworth/Rittman Hospital. For some reason the leadership for the future of the ho...

The Cleveland Museum of Art presents painters who loved their gardens
brilliant masterpiece, Greetings from

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University