Foreclosures: From The Local To The National

Local representatives of the Cleveland struggling with the horrendous prospect of losing their hearth and home by the numbers have turned to the national forum for help, on Wednesday. All - from politicians to ordinary citizens – seem to have no other option but to seek succour at the national level. Thousands of houses are boarded up including many which have already been foreclosed. The treasurer of the County, Jim Rokakis is extremely worried. He testified on Wednesday about the deluge of foreclosures before a Congress Committee in Washington DC. Rokakis was passionate in his appeal that how can one even think of the future when the very survival of the present is at stake here in Northeast Ohio. Rokakis’ advice is that a uniform standard should be made compulsory in the mortgage industry with strict guidelines and rules. Only then would abusers be roped in and forced to down shutters. Rokakis is actively participating with Governor Strickland on the formation of a task force dealing with foreclosures. Help seems to be at hand but how far it will be effective only time can tell.

Some refer to the foreclosure crisis as a melting down of the mortgage industry. Bob Jones of NewsChannel15 says that the problem has spun out of control and without Federal help no solution is possible. A spokesperson of Acorn, advocate Kris Harsh dealing with housing reforms, is of the opinion that Cleveland was under the grip of a foreclosure epidemic.

Mary and Myron Williams clinging on to their five children are trying to continue to keep the kitchen fires burning in their West 33^rd house despite the threat of foreclosure. Their complaint is that a predatory lender talked them out of their savings to go for this property and then jacked up the rate from $600 to $800 on the interest. Yet till date they had been under the impression that the rate was fixed.

Figures released in June 2007 revealed that Cuyahoga County had the staggering record of about more than 3,000 foreclosure filings per month.

Resident Audry Sweet who somehow managed to save her house in Maple Heights blamed the deceptive and lenders in the sub-prime market for the foreclosure catastrophe. She added that because sufferers are not coming out in the open the crisis is worsening. Some do try but confused they retreat back again.

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