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Erie County, OH – Subprime Fraud: Banks Residential “Road to Ruin”

May 18, 2009

Road to Ruin: Mortgage Fraud Scandal Brewing

Criminal fraud may be the most underreported aspect of our current financial crisis. In this “Road to Ruin” report, former subprime lenders from Ameriquest, once the country’s largest lender, describe a system rife with fraud. They describe how a “by-any-means-necessary” policy pushed employees to cut corners and falsify documents on bad mortgages and then sell the toxic assets to Wall Street banks eager to make fast profits.

Sandusky currently has 121 listed bank foreclosure properties. These property foreclosures are forecasted to increase, meaning property values will decrease. For a complete list of of these properties see:Resident Bank Foreclosures

The city must receive a complaint from a resident to take action against the bank on foreclosed properties. This document Complaint Form can be used to file complaints to the city about neighborhood foreclosure problems. 

For checking into solutions for this problem, and to read about what other cities have done – we recommend: http://www.cudc.kent.edu/shrink/

Helpful Homeowner Websites

*All website links were found on a Diane Rehm episode: Facing the Mortgage Crisis

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