"Sub-Prime Capital of the United States"

Foreclosure wave sweeps America
A wave of foreclosures and evictions is about to sweep the United States in the wake of the sub-prime mortgage lending crisis.

Cleveland, Ohio, is an industrial city on the banks of Lake Erie in the US "rust belt".

It is the sub-prime capital of the United States. One in ten homes in the city is now vacant, and whole neighbourhoods have been blighted by foreclosed, vandalized and boarded-up homes.

Ohio Foreclosure Rescue Scams Sweep
According to the Attorney General, the basic elements of the scam involve a company contacting a homeowner facing foreclosure by phone or by showing up at their door and promising to stop the foreclosure process for a fee. The homeowner then, in a desperate, last ditch effort to save their home, succumbs to the false promises made by the company and hands over money they cannot afford to lose. The foreclosure rescue then pockets the funds and eventually the home is foreclosed upon, leaving the homeowner with little besides broken promises and broken dreams.

See Also:
Calculated Risk: Damaged REOs in Las Vegas