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

Akron General

Wayside Furniture

Area Agency on Aging 10B, Inc.


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


When is $7 billion not enough? When you're talking housing crisis
The Citibank settlement is likely to help Northeast Ohio, but how much is a question
by WKSU's M.L. SCHULTZE


Web Editor
M.L. Schultze
 
Cities like Youngstown, Akron, Canton and Cleveland have seen whole neigbhorhoods wiped out.
Courtesy of M.L. Schultze
Download (WKSU Only)
In The Region:

Citigroup was among the most active players in the subprime mortgage market in Northeast Ohio. So the $7 billion national settlement announced today is bound to have an impact here. But as WKSU’s M.L. Schultze reports, some of those involved in the cleanup of the mortgage mess in the region say there may not be as much relief as people had hoped.

LISTEN: Big settlements don't always mean big money

Other options:
Windows Media / MP3 Download (1:08)


Details of the settlement are still emerging, but terms include $2.5 billion for consumer relief – such as reducing principals owed on loans. It also includes a $4 billion civil settlement with the feds and another half-a-billion dollars to make things right with the FDIC.

Frank Ford is with the Thriving Communities Institute, which has been trying to rejuvenate neighborhoods in Northeast Ohio. Many need demolitions and rehabilitations of vacant houses that cost from $10,000 up --  money most communities don’t have.

“In the absence of that resource, when settlements like this one come along,  … it’s not just because they represent a source of money but it’s because they represent a source of money  coming from the very institutions caused f the damage that we’re living with.”

Besides demolition and renovation, Ford’s group has put together a proposal for similar settlement money from Chase to be spent on foreclosure prevention and vacant land re-use. But he says the settlements often look bigger on paper than in actual payments because they include the banks writing off some of their loans.

A quick look at the Ohio Plan developed after the Chase bank settlement:
Other options:
Windows Media / MP3 Download
(0:26)

“There’s really four categories. Of course there’s money for demolition and money for renovation. Then there’s subsidy for renovation. Then there’s money for foreclosure prevention, to keep homes occupied. That helps keep the blight down. And the final category is if homes are demolished, there’s money for how you can convert some of the he land to community gardens, food production, orchards. There’s a whole range of community things that could be done.” 

Add Your Comment
Name:

Location:

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


Comments:




 
Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook




Stories with Recent Comments

Ohio's attorney general rejectsthe latest proposal to legalize marijuana
i think the ag launguage is money hes talking about drug companies must pay him more than responsible ohio can

PBS documentary chronicles the fall of Saigon through new footage and stories
Hi, Does anyone know the number - in the pbs special "Last Days of Vietnam" documentary, of how many Vietnamese were evacuated? Please e-mail me the answer. T...

Protest planned at tomorrow's FirstEnergy meeting
The problems of the poor and downtrodden have nothing to do with First Energy. They are the result of Republican legislators who consistently reduce taxes on th...

Ohio bill would help smaller communities with LGBT discrimination laws
Do we not try and have rights for all individuals equally? On the HUD list of "preferred" candidates who get "special consideration" it states that: For purp...

Ohio likely will continue with two types of police academies
Wake up people your wanting a Harvard law school education for a job that may pay a little over the poverty level. I don't know anyone who could support a wife ...

Police Week's ties from NE Ohio to D.C.
The men and women in blue who risk their lives everyday to serve and protect us....and this is as much recognition and appreciation that NPR/WKSU feels to offer...

First in a Series: How charter schools got a foothold in Ohio
If the interest where in education and there would be oversight of taxpayer dollars, charter schools would be okay. However, Charter School in Ohio are purely f...

Near West Theater raises the curtain at its new home with 'Shrek the Musical'
When I heard you were doing an article about the Near West Theater, I was very excited, because I had seen the lobby artwork in process on the floor of the arti...

Northeast Ohio pastors want to talk reform with Akron-based FirstEnergy
It's great that this First Energy bailout request is getting media coverage. First Energy is asking to be allowed to NOT find the best costing energy to sell us...

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