Bankruptcy

Webcast on Foreclosure Crisis

By Katie Porter

The Cleveland City Council is webcasting a foreclosure forum on Wednesday February 27th from 10am-1pm. Here's the link to watch. The event is timed to coincide with the visits of the Presidential candidates and national media to Ohio. Senator Obama is sending adviser and law professor, Mark Alexander, and Senator Clinton's representative will be Fred Hochberg. McCain has not yet identified who, if anyone, will attend. The foreclosure situation in Cuyahoga County may be the worst in nation, or certainly is a leading contender for that sad distinction. The city is taking some novel approaches, as I learned from Prof. Creola Johnson's presentation at a symposium on Subprime Foreclosures at the University of Utah College of Law earlier this week. I was particularly interested in the problem of abandoned properties, and the practice of many lenders to not file deeds after purchasing a property at a foreclosure sale. That practice makes it very difficult for the city to figure out who is responsible for the upkeep on abandoned properties. The speakers at the Forum will include Cleveland Mayor Jackson, County Treasurer Jim Rokakis, Housing Court Judge Ray Pianka and several community organizations.

Full post as published by Credit Slips on February 26, 2008 (boomark / email).