The Foreclosure Crisis of Cuyahoga County
The Sound of Ideas: Wednesday, November 29, 2006
Cuyahoga County is among the nation's leaders in foreclosures, at a rate of almost 30 a day. Wednesday morning on The Sound of Ideas, a conversation about the lending practices at the root of this crisis in the housing market. Local laws to fight it have recently been struck down, but a new effort is promising to give some teeth to enforcement of existing laws. We'll hear from the front lines and the perspective of some law-abiding lenders.

New Grant For Homeowners in Trouble
Regional News Stories: Friday, February 9, 2007
Homeowners dealing with the double whammy of job loss or illness and trying to keep up with mortgage payments may be able to find some help. ideastream's Mhari Saito reports on a statewide effort to address record numbers of foreclosures.

Hope for the Northeast Ohio Housing Market
The Sound of Ideas: Monday, March 26, 2007
Sub-prime lenders are taking heat on Capitol Hill - and now, local foreclosures are in the national headlines. So, is there any hope for the Northeast Ohio housing market? On The Sound of Ideas, we'll talk with local analysts about the collapse of the sub-prime market, the effect that's likely to have locally, and whether the local housing market has finally hit bottom. Also, the Elections board shake out leaves vacancies for two democrats - so who's going to be appointed? That's Monday morning at nine on 90.3.

The Incredible Shrinking City
The Sound of Ideas: Tuesday, May 29, 2007
Youngstown's urban redevelopment plan is attracting a lot of attention, particularly among other cities with lagging post industrial economies. Tuesday morning, we'll speak with some of the civic leaders who, rather than fighting a future as a small city, are embracing it. It's a vision where a neighborhood with a 60% vacancy rate isn't a problem - it's an asset. Join us at nine for the Incredible Shrinking City on The Sound of Ideas.

The Case for a Land Bank
The Sound of Ideas: Tuesday, November 13, 2007
The story of Ohio's foreclosure crisis is now pretty familiar: block after block of boarded up homes, stripped of siding and their pipes. You've seen the pictures, but can you imagine the potential? Flint, Michigan, faced a similar scenario in the 1990s. Then, they changed the laws to give the county ownership over foreclosed properties. Since then, property values have gone up and neighborhoods have turned around. The same isn't exactly true for Wayne County and Detroit. Could a land bank work here? We'll find out Tuesday at nine.

Real Estate Reservations
The Sound of Ideas: Friday, January 25, 2008
The housing bubble has burst. There's a glut of homes for sale at bargain basement prices. What does that mean for people who want to buy or sell a home this spring? The market is flooded with houses. That's great for buyers. But how does one know the true worth of a home and how to find the right lender? If you're selling, how do you position your house to sell fast yet still get top dollar? Tips on buying and selling a house in this brave new marketplace. Friday at 9 on The Sound of Ideas

What Do You Get for Seven Billion Dollars?
The Sound of Ideas: Wednesday, April 23, 2008
So, now we all know what it takes to keep a Fortune 500 bank afloat in these uncertain times: about seven billion dollars and a huge cut in share value. National City CEO Peter Raskind says, "No one is pleased about that or proud about that, but of the available alternatives to us that we very thoroughly explored, we're convinced that this is the best." Wednesday morning at 9, we'll try to understand the deal to save National City and what it will mean for everyone associated with the bank moving forward.

Housing Series: Cleveland
Regional News Stories: Monday, May 19, 2008
This week WCPN is examining the fall out from the foreclosure crisis: neighborhoods populated by thousands of bank-owned and vacant buildings houses. Case Western Reserve University's NEOCANDO project estimates that financial institutions now own over 11 thousand properties in Cuyahoga County. More than half are in Cleveland. But banks are dumping many city properties and investors are picking them up for as little as a few hundred dollars. In the first installment of our series, ideastream's Mhari Saito explains how the transactions work, who's profiting and who's not.

Housing Series: The Inner Ring Suburbs
Regional News Stories: Tuesday, May 20, 2008
The city of Garfield Heights has long had the motto "the city of homes." Vacant houses were a rare sight in this inner ring suburb a few decades ago, but now these days nearly 1400 Garfield Heights properties are vacant, bank-owned or in some stage of foreclosure. That's one in ten houses. The number of vacant houses are growing across Cuyahoga County. And that's lowering property values and impacting city budgets. ideastream's Mhari Saito has the second look on our installment on vacant or foreclosed property.

Housing Series: The Outer Ring Suburbs
Regional News Stories: Wednesday, May 21, 2008
Last night, North Olmsted's City Council ok'd legislation that strengthens building codes and gives inspectors more power to enforce those rules. The law is part of the suburb's efforts to keep a growing number of bank-owned and foreclosed houses from becoming blights in the neighborhoods. In part three of our week long series, ideastream's Mhari Saito reports that even Cuyahoga County's outer ring suburbs are feeling the stress from vacant houses left by the foreclosure crisis.

The Foreclosure Crisis: From Bad to Really, Really Bad
The Sound of Ideas: Wednesday, May 21, 2008
The foreclosure crisis is sort of like a horror film for economic development types: just when you think you know how bad it is, it gets worse. As Cuyahoga County Treasurer Jim Rokakis says, "You're talking about dealing with a problem that really nobody has had to deal with before. You're talking about thousands of properties being dumped into a market." This week, ideastream®'s Mhari Saito is filing daily reports on previously untold angles of the sub-prime mess. She joins us along with others to talk about the latest fall-out: lowering property values plans to cut city services, and an underground economy trading in blighted properties. Join the conversation, Wednesday morning at 9 on 90.3.

Housing Series: HUD and Fannie Mae
Regional News Stories: Thursday, May 22, 2008
Two large property owners in Cleveland are Fannie Mae and the Department of Housing and Urban Development. Fannie Mae is a quasi-governmental company and the nation's largest buyer of home loans. HUD is a cabinet-level federal agency. Both are committed to helping expand affordable home ownership. And like lenders all over the country, both are swamped with foreclosed properties as a result of the mortgage crisis. But local rehabbers and city officials complain red tape at Fannie Mae and HUD is worsening the foreclosure mess. It's part 4 of our vacant property series. ideastream's Mhari Saito reports.

Housing Series: Solutions
Regional News Stories: Friday, May 23, 2008
Yesterday, the federal government posted the sharpest quarterly decline in US home prices since it started tracking them 17 years ago - 1.7%. Part of the problem is a huge and growing inventory of foreclosed and bank-owned houses that lenders are hustling to get rid of. Cuyahoga County has more than 11 thousand of these houses. And there's disagreement over what's the best way to clean up the mess. ideastream's Mhari Saito reports.

Are Urban Gardens an Answer to the Foreclosure Question?
The Sound of Ideas: Tuesday, May 27, 2008
We spent a lot of time last week talking about the foreclosure crisis, but there's still one big unanswered question: What should be done with all these vacant lots? Some say fill them with tomato vines, cornstalks, maybe even apple trees, and sell the produce at the corner store! If locally grown is the new way organic, can urban gardening be one way to pick up the pieces after the housing crisis? Join us for the Sound of Ideas, Tuesday morning at 9.

A Way Out of the Credit Crunch?
The Sound of Ideas: Tuesday, June 10, 2008
First was the sub-prime foreclosure crisis and that has now become a global credit crunch. What that means for families is this: more debt and an increasingly tough time getting credit. The Cleveland Fed this week is bringing together some top economic policy advocates to help map out just where the economy is headed and how our leaders can head off any disasters looming on the horizon. Some of those experts will join Tuesday morning at nine.

Renters Caught in Foreclosure Trap
The Sound of Ideas: Tuesday, June 24, 2008
Landlords expect tenants to take care of their property, keep the noise down and pay the rent on time. But some renters do all that and still get kicked out. It's an under-reported consequence of the foreclosure crisis. Frequently renters are forced to move because lenders have foreclosed on their landlords and sometimes the first warning they get is an eviction notice saying they have to be out in three days. What can renters do about it? Find out on 90.3's The Sound of Ideas tomorrow at 9:00 a.m.

Bank Failures and the New New Economy
The Sound of Ideas: Tuesday, September 16, 2008
Lehman Brothers' files for Chapter 11, Merrill Lynch is sold to Bank of America, AIG is said to be on the brink--this past weekend marks perhaps the biggest financial shakeup in 70 years. Analysts are using phrases like "tectonic shift," "outsized industry deleveraging" and "fire sales," but it's not really clear what it all means. On our program, we'll help you get a handle on what's happening to Wall Street's giants and what impact it might have on our day to day lives. Join us Tuesday morning at nine on 90.3.

Pros and Cons of the Bailout
The Sound of Ideas: Tuesday, September 23, 2008
Congress is mulling a proposed $700 billion bailout of the nation's mortgage lenders. Both Democrats and Republicans are calling for more oversight and protection of taxpayer investment. There's no shortage of questions about the bailout, starting with whether $700 billion will be enough. On the Sound of Ideas, we'll talk about the debate over the bailout and the strings that might be attached and get answers to your questions about our shared economic future. Plus, we talk to the BBC's Ros Atkins at the tail end of the quintessential American road trip. Join us Tuesday morning at 9 a.m.

Cue the Happy Music: Marketplace’s Kai Ryssdal
The Sound of Ideas: Thursday, September 25, 2008
In his job, Kai Ryssdal takes the incredibly complex business news of the day and make it understandable to the rest of us. "It's incredibly intellectually challenging," he says, "but that makes this job fun to have. If you're not having fun hosting Marketplace, you're not doing it right." Ryssdal joins us to talk about about keeping the fun in economic news during a meltdown, as well as the art of landing a jet fighter on an aircraft carrier, which is, actually, something else he knows a lot about. Also, we'll talk to the former Goodyear manager for whom proposed fair pay legislation is named.

Bailout Update
The Sound of Ideas: Monday, September 29, 2008
Congressional leaders and the President are onboard for a bailout of Wall Street but will the House go along? The $700 billion plan finalized over the weekend is set for a vote today. It includes less money for the government to buy bad mortgages, at least initially; it contains restrictions on "golden parachutes" for executives and higher taxes for failing corporations who pay their top executives more than $500,000 a year; the Treasury will be in charge of the plan but with a bipartisan congressional commission looking over its shoulder. Still the deal faces opposition from some House Republicans and some Democrats who say the free market should not be propped up by taxpayers. Two economists from NE Ohio will help us decipher the deal and explain what it means for Main Street and ordinary Americans who are now being asked to foot the bill of the worst U.S. financial disaster since the Great Depression. Join the conversation - on The Sound of Ideas®.

Bailout Dead… For Now. Country Braces For Fallout
The Sound of Ideas: Tuesday, September 30, 2008
The House bucked the president and the economists, dismissing warnings of dire consequences if the financial bailout bill weren't passed today. A majority voted NO on the proposed $700 billion bill. Exactly how will the nation fix this mess? What should Americans be doing? Will credit freeze up as predicted? With the DOW rapidly dwindling, retirement accounts shrinking, and bills coming due, it's clear something needs to be done, but what, and by whom? On The Sound of Ideas®, we'll hook up with finance experts and lawmakers and try to get a sense of where we go from here.

The Land Bank Solution?
The Sound of Ideas: Monday, November 24, 2008
There are at least 20,000 vacant properties in Cuyahoga County. Vacant homes and buildings breed crime and chip away at the fiber of neighborhoods. Almost exactly a year ago, The Sound of Ideas asked: should there be a county-wide land bank? Cuyahoga County Treasurer Jim Rokakis said yes and he has made some important gains. Since then, State Senator Thomas Patton sponsored a bill which would lay the groundwork for county land banks throughout the state. Rokakis and Patton point to Genesee County Land Bank in Michigan which helped revitalize Flint. Ohio House and Senate Hearings on the creation of regional land banks will begin in early December. Supporters are optimistic Patton’s bill will pass. What would a land bank do for Northeast Ohio? Is it really a magic bullet? We’ll discuss county land banks Monday at 9am.

Wanna Buy a Toxic Asset?
The Sound of Ideas: Wednesday, March 25, 2009
This week, the U.S. Treasury cheered investors with the announcement of a new program to subsidize their investments in what they're calling "legacy assets." Obama administration officials say it should be enough to get the toxic sub-prime mortgage securities off of bank balance sheets and into the hands of investors and their new taxpayer partners. Last week, the Federal Reserve pulled a new hammer out of the tool box--something called "quantitative easing," which is Fed-speak for "print more money." These two programs have dramatically shifted dynamics in the world of finance. Markets rallied and lenders loosened their grip, but can this change the recession? We'll find out Wednesday morning at 9, and we'll talk about what you need to know about how the government is trying to get the wheels of the economy spinning smoothly again.

More NE Ohio Callers Looking for Mortgage Help to Hotline Have Lost Jobs
Regional News Stories: Monday, May 18, 2009
The number of callers to the United Way's 211 hotline looking for help with their mortgage is down slightly from last year. But workers there worry because a growing number of callers are looking for mortgage help for a new reason. As part of our ongoing series, Facing the Mortgage Crisis, ideastream®'s Mhari Saito reports.

Wells Fargo Fighting Ban on Selling Bank-owned Houses in Cleveland
Regional News Stories: Thursday, May 28, 2009
Attorneys for Wells Fargo are in Cleveland's Housing Court fighting an order that bars the financial giant from selling its bank-owned houses in the city. As part of our ongoing coverage of Facing the Mortgage Crisis, ideastream®'s Mhari Saito reports.

Foreclosure Prevention Group Claims Success in Modifying Mortgages
Regional News Stories: Tuesday, July 7, 2009
In the face of thousands of homes lost to foreclosure in the Greater Cleveland area --- and tens of thousands across the state --- a Boston-based foreclosure prevention group is coming to Northeast Ohio to host a mortgage restructuring fair. ideastream®'s David C. Barnett reports in our latest installment of "Facing the Mortgage Crisis"

Lenders Unload Mortgage Debt
Regional News Stories: Sunday, August 16, 2009
Lenders have come under fire for failing to modify troubled mortgages in a way that borrowers can actually pay for the home. Now, in particularly hard hit real estate markets like Cleveland, some borrowers are finding lenders offering them a surprising solution to their mortgage problems. It's a phenomenon some are calling "extreme short payoffs." ideastream's Mhari Saito has the latest in our ongoing series, "Facing the Mortgage Crisis."

Unemployment Shifts Foreclosure Crisis To Suburbs
Regional News Stories: Wednesday, October 28, 2009
First it was fraudulent and predatory lending that put thousands of people in Cuyahoga County into mortgage purgatory. Now, unemployment is threatening homeowners in greater numbers - especially in the suburbs. Ideastream's Bill Rice reports.

The Problem with Federal Mortgage Modifications
The Sound of Ideas: Wednesday, November 18, 2009
When the Obama administration launched the "Making Home Affordable" program last March, it said the program would help as many as nine million homeowners stay in their homes. At this point, it has only helped about 650-thousand--and for most of them, the help is temporary and may end in a matter of months. To make matters worse, it seems to be having only a marginal impact in Ohio. On the Next Sound of Ideas, why the foreclosure avoidance program doesn't seem to be helping. Wednesday morning at 9 on 90.3.

Ohio Among States Least Helped By Foreclosure Prevention Program
Regional News Stories: Wednesday, November 18, 2009
A new study shows that Ohio is one of the states least helped by President Barack Obama's plan to help borrowers in trouble. It's a distinction the state can hardly afford. Ohio has long been one of the worst hit states in the country's foreclosure crisis. ideastream®'s Mhari Saito reports.

Number of Ohio Borrowers - Even in Prime, Fixed Loans - More Than Three Months Behind in Payments Up
Regional News Stories: Thursday, November 19, 2009
According to new data from the Mortgage Bankers Association, one in every six and a half home loans in Ohio are at least one month behind or in foreclosure. And the number of Ohioans seriously late on their mortgage payment has more than doubled over the past three years. ideastream®'s Mhari Saito reports.