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gave up on the house
IT MAY WELL BE HAPPENING IN
YOUR NEIGHBORHOOD ... A PROBLEM
WHIH IS GETTING WORSE, AND
NEARING A CRISIS. ###
GOOD EVENING. SOMEONE LOSES
THEIR HOME AN AVERAGE OF TWICE
A DAY IN THE CITY OF CINCINNATI
... AND IT'S HAPPENING IN OTHER
PLACES T■A ...
SOMETIMES ... FORECLOSURE IS A
RESULT OF WHAT'S CALLED
PREDATORY LENDING ...
BORDERLINE TACTICS WHICH CAN
LEAVuHOME OWNERS THOUSANDS OF
DOLLARS IN DEBT.
TWELVE NEWS REPORTER JEFF
HIRSH JOINS US LIVE FROM
EVANSTON ... W■H WORD THAT
CITY LEADERS ARE LOOKING FOR A
WAY TO HELP: ###
closed captioning not available
###
Soundbite i think they said i
was in foreclosure and i would
have to pay them seven thousand
dollars. i said you can take it
because there's no way i can
get seven thousand dollars IT
MAY SAY WELCOME OVER JACKIE
BENNING'S DOOR ... BUT THE
WELCOME MAT WAS NOT EXACTLY OUT
FOR THE BILL COLLECTOR LAST
YEAR. BENNING HAD REFINANCED
HER HOUSE FOR SOME NECESSARY
REPAIR WORK ... BUT ENDED UP
WITH A MORTGAGE NEARLY TWICE
THE HOME'S VALUE ... A MORTGAGE
SHE WAS UNABLE TO PAY:
Soundbite it was rough BENNING
AND OTHERS TOLD THEIR STORIES
TO CITY COUNCIL MEMBERS TODAY
... STORIES ABOUT WHAT CRITICS
CALL PREDATORY LENDING ...
WHERE HOUSES ARE OVER-VALUED
... AND SOLD TO PEOPLE WHO
CANNOT AFFORD THEM. PREDATORY
LOANS ALSO HAVE HIGH INTEREST
RATES ... SOMETHING CALLED
FLIPPING ... WHERE HOMES ARE
CONTINUALLY
HOMES ARE CONTINUALLY
REFINANCED WITH NO BENEFIT TO
THE HOME OWNER ... KEY
INFORMATION IS NOT DISCLOSED
ABOUT THINGS LIKE PENALTIES ...
AND THERE ARE EXCESSIVE POINTS
AND THERE ARE EXCESSIVE POINTS
AND FEES:
Soundbite what we've
consistently found is that
people have no idea that these
fees are on their loan
Soundbite so it automatically
puts them in a situation where
they are late and they are
unable to catch up SISTER
BARBARA BUSCH IS WITH A GROUP
CALLED WORKING IN NEIGHBORHOODS
...WHICH HELPS THOSE FACING
FORECLOSURE ... PEOPLE LIKE
JACKIE BENNING: THE
NEIGHBORHOOD GROUP HAS GOTTEN
FINANCE COMPANIES TO DELAY
FORECLOSURES ALL AROUND TOWN
... AND MONEY IS AVAILABLE FOR
A PROPER REFINANCING WITH A
MORE TRADITIONAL LENDER. THEY
HELPED JACKIE, FOR EXAMPLE. BUT
THERE WERE 743 FORECLOSURES IN
CINCINNATI LAST YEAR. AND
JACKIE BENNING GETS VERY
EMOTIONAL ... KNOWING IF MORE
PEOPLE DO NOT GET HELP ...
LIVES CAN BE RUINED:
Soundbite people that go into
foreclosure are ashamed that
they did the wrong thing,
people would look at them like
they're not handling their
business ###
COUNCILMAN DAVID PEPPER ...WHO
CALLED TODAY'S HEARING ...
WANTS TO ROPE IN PREDATORY
LENDERS ... BUT STATE LAW
PROHBITS THE CITY FROM PASSING
ITS OWN ORDINANCE. THE STATE
HAS A LAW WHICH PEPPER SAYS IS
TOO WEAK ...SO HE'S TRYING TO
SEE IF ANY CHANGES COULD COME
FROM COLUMBUS ... OR IF THERE'S
ANYTHING ELSE THE CITY CAN DO
ON ITS OWN. ROB?
RIGHT
... BUT THEN THE STATE
PROHIBIT WAS PASSED AND THE
LOCAL PROPOSAL DIED.
IF
YOU FACE
FORECLOSURE ... OR HAVE A
PROBLEM WITH A PREDATORY LOAN
... YOU CAN CALL THE GROUP
WORKING IN NEIGHBORHOODS ... AT
541-4109. THEY MIGHT WELL BE
ABLE TO HELP YOU. ###