Hearing on Predatory Lending: Cuyahoga County Treasurer

The Oversight Subcommittee on Domestic Policy takes an in-depth look at the predatory mortgages, payday loans, and foreclosures that plague inner-city America. This will be the first in a series of hearings Subcommittee Chairman Kucinich plans to hold looking at various issues afflicting urban America. Here James Rokakis, Treasurer for Cuyahoga County, Ohio, discusses the problems that such lending practices have caused for his community.

Category:

News & Politics

Tags:

• Kucinich
• Predatory
• Lending
• Mortgages
• Democrats
• Congress
• Oversight
• Cuyahoga
• Rokakis

[cskirk]

Jim Rokakis. Your county is shrinking. Do not lecture them about lending practices. Figure out how to create a land bank to most use the land that is left in default. Clevenad is not coming back!!! Cleveland is a shrinking city. Deal with it.

[YYZpresto]

Back when this country had an education system, they used to teach a simple concept: caveat emptor.

[BurdickForPorn]

It looks like Cleveland's preadtory lending law really did it's job huh? Foreclosures doubled in Cuyahoga county during it's enforcement. They try to blame mortgage brokers, but brokers are not the ones making the lending guidelines.

[cretanman]

Now the hard part:reigning the greedy Wall Street bastards who brought this to our nation's cities. This is worse than redlining!

[stone1home]

Input from Dayton: what the guy says is sure true here. Montgomery County is among the nation's leaders in foreclosure rates, and I am personally aware that shady loans and inflated real estate appraisals have played a major role.

[antiklaus]

These "self correcting" market issues general refer to making rich people a lot richer... and creating more homeless and impoverished people in the process.

We need people to act on this.

[willb48]

An important issue.