Cleveland’s plan to fight foreclosures
Cities across the U.S. are facing devastating rates of foreclosure. As the numbers of vacant houses increase, another problem has cropped up: banks don’t want to keep all those foreclosed properties. In Ohio, Cleveland’s Cuyahoga County expects at least 13,000 new foreclosures this year, but state Treasurer Jim Rokakis has a plan ? he wants to buy up bad mortgages and sell them back to homeowners in order to keep people in their homes. We ask Rokakis about his plan and speak to Dan Moulthroup, reporter with WCPN in Cleveland, and the host of Sound of Ideas.
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