Cuyahoga County land bank close to acquiring 1st properties, considers foreclosure-averting 'better bank'
2009-08-30 — cleveland.com
The bank would buy mortgages from lenders at deeply discounted prices to keep people in their homes with a reduced mortgage payment, said County Treasurer Jim Rokakis, who also serves as the land bank's chairman.
The new mortgage would then be sold to a lender or mortgage-servicing company, with the money coming back to the land bank to help other homeowners. Rokakis believes as many as 600 homes a year could be saved this way.
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