Over 15,000 foreclosures filed in Cuyahoga County in 2007

January 2, 2008

There were 15,297 foreclosure cases initiated in Cuyahoga Common Pleas Court in 2007, compared to 14,078 in 2006, according to the Court’s online docket.

At the other end of the foreclosure process, 10,160 sheriff’s deeds (completed foreclosures) were filed with the County Recorder in 2007, compared to 5,517 in 2006.

According to the 2000 Census, Cuyahoga County has about 430,000 residential structures, including 335,000 single-family homes. So the number of foreclosure cases filed in the last two years equalled about 7% of the county’s total housing stock.

Source: Common Pleas Court docket and County
Recorder’s database, both on line.

(c/p CCD)


Sprechen sie Deutsche Bank? (Or, how do you say RMBS in German?)

January 2, 2008

At the close of business Monday — the close of business for 2007 — Deutsche Bank, a German corporation with no offices closer to here than New York City, was the “owner” of 970 Cuyahoga County properties. 616 of these properties are in the city of Cleveland.

All of them are, of course, foreclosed buildings or lots. Almost all are houses (many of which are multi-unit, which means the number of residential units in DB ‘s name is significantly larger than 970). And most, if not all, are vacant.

Who actually owns all these properties? Not Deutsche Bank, of course. Deutsche Bank is a trustee, a stand-in, for the real owners — large investors who bought shares in securitized investment pools of mortgages (Residential Mortgage Backed Securities, or “RMBS“es) created by the original mortgage lenders, and are now losing their shirts.

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Christmas week foreclosure stats

December 31, 2007

(c/p CCD

Well, we didn’t get a holiday from foreclosures during Christmas week, but it looks like most of the mortgage bankers’ lawyers decided to slack off on their final paperwork.

Only 81 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (December 24 through December 28).

Here’s who filed five or more of them:

Department of HUD (15)
Bank of New York (12)
US Bank (9)
Deutsche Bank (7)
Wells Fargo (5)
Federal National Mortgage Assn (5)
Citibank (5)

(Previous week.)

Unfortunately, the “foreclosure bar” was taking no holiday break across the street in the Justice Center.

At the Christmas Eve Sheriff’s sale, 163 properties actually went up for auction and 138 were sold. (The other 24 were “not sold for want of bidders”, meaning that nobody offered the minimum two-thirds of their appraised value).

This morning, the Sheriff’s Office is capping off 2007 with 158 more properties on the auction block.

And moving right along toward another busy year, the folks upstairs at Common Pleas Court took in 269 new foreclosure filings last week.

But we don’t need a Foreclosure Holiday because, you know, Tom Moyer’s plan will get them all into mediation, once the judges and the Bar Association get all the details worked out. Which will be, as the PD assures us, “as soon as possible.”

Happy New Year, everybody.

P.S. Since Chief Justice Moyer announced his foreclosure mediation initiative on November 8, there have been 1,297 additional sheriff’s deeds (i.e. finalized foreclosures) filed with the Cuyahoga County Recorder, and 2,251 new foreclosure cases filed in Cuyahoga County Common Pleas Court.

Just in case you’re counting.

Countrywide says deal with ACORN is near

December 26, 2007

Less than two weeks after agreeing to negotiate a mortgage delinquency workout partnership with Cleveland’s ESOP, the nation’s biggest subprime lender has announced that it’s pursuing a similar relationship on a national basis with ACORN.

Countrywide Mortgage issued a press release Friday about the ACORN negotiation.  It’s the subject of an Inman story this morning.

Countrywide and the Association of Community Organizations for Reform Now (ACORN) “anticipate final release of the groundbreaking provisions of the home retention initiative soon after the new year,” Countrywide said…

ACORN spokesman Charles Jackson told Inman News that moving borrowers into fixed-rate loans will be one of the main points of the initiative now being developed.

Foreclosure deeds recorded last week

December 24, 2007

(c/p CCD)

183 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (December 17 through December 21).

Here’s who filed five or more of them:

Deutsche Bank (19)
US Bank (19)
Wells Fargo (16)
Department of HUD (15)
Federal National Mortgage Assn (14)
HSBC Bank (11)
Bank of New York (8)
Household Realty (8)
JP Morgan Chase (7)
Third Federal (6)

(Previous week.)

Christmas Eve at the Justice Center: According to the Sheriff’s online database, after various last minute withdrawals a total of 169 foreclosed properties were still scheduled for auction this morning in the Justice Center Auditorium. (That’s not counting a million-dollar package of thirty parcels, including some unsold houses, at the Ashbury Towers development site at West 53rd and Walworth.)

Among this morning’s biggest Grinches… excuse me, plaintiffs: US Bank with 28 sales, Wells Fargo with 23, Deutsche Bank with 19, and JP Morgan Chase with 12.

To all these wonderful folks and their busy, busy lawyers, here’s hoping you get home from the office in time for a lovely holiday.

And that you have a home to go home to.

Foreclosure deeds recorded last week

December 19, 2007

(c/p CCD

206 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (December 10 through December 14).

Here’s who filed five or more of them:

Department of HUD (28)
Deutsche Bank (25)
Federal National Mortgage Assn (24)
US Bank (15)
Wells Fargo (14)
Bank of New York (10)
HSBC Bank (7)
Lasalle Bank (6)
Federal Home Loan Mortgage Corp (5)
Household Realty (5)

(Previous week.)

Foreclosure Holiday press conference almost evicted

December 19, 2007

Good coverage by Karen Schaefer, with pictures, at WKSU this morning.

WCPN this morning. Plain Dealer Monday. AP.

Over forty people representing at least seventeen of the twenty endorsing organizations showed up at Tina William’s house on East 112th yesterday morning. Mrs. Williams, a member of the Mount Pleasant chapter of ACORN, had her Chase-financed house taken at Sheriff’s sale in September — by HUD, which had insured the mortgage. Her eviction was originally scheduled for yesterday, but last week ACORN managed to get HUD and Chase to agree to a sixty-day stay, which will allow HUD to take title and, she hopes, work out a deal to let her stay as a tenant.

Despite the stay, moving trucks rolled up to the Williams’ door yesterday while we were clearing snow for the press conference, followed shortly by a Sheriff’s deputy with a vacate order in his hand. It seems nobody at Chase had told the Sheriff’s Office about the stay they’d agreed to. For twenty minutes it looked like the coalition to forestall evictions was going to get evicted, along with the Williams family.

But frantic calls were made, a fax got sent to the Sheriff, the deputy got the word, and he got in his car and led the moving trucks away amid cheers and applause.

Not a bad start for a gathering to call for a Foreclosure Holiday.

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