Math: Slavic Village Recovery Style

Submitted by mabeldog on Wed, 11/19/2014 - 21:12.

 In the real world, which Slavic Village "Recovery" hopes to one day inhabit, when you purchase a home you must 1)come up with a down payment AND 2)the arms length appraisal must equal AT LEAST the value of the purchase price. So why is there a cash back mortgage available to purchasers of "recovered" homes in Slavic Village. And who is doing these "appraisals?" Isn't this EXACTLY the kind of thing that got Slavic Village national renown as ground zero for the foreclosure crisis not that long ago? For example 3618 East 57th was sold on January 21, 2014 for $51,900. The purchaser got a mortgage from Huntington Bank for $34,495 AND an additional "mortgage" of $15,000 from John Beresford Tipton at Neighborhood Housing Services which totals $54,495 in mortgages for a property that Zillow appraises at $34,675. That's $2595 MORE than the purchase price AND $19,820 MORE than the value of the house. As of today almost ONE YEAR after the house was sold. Pretty amazing right? Or how about the purchasers of 3651 East 54th street who "paid" $63,900 on December 17, 2013. A mortgage of $51,120 from Huntington Bank was enhanced by a NHS "loan" of $15,000 totalling $66,120 in loans, $2220 more than the purchase price AND a whopping $23,689 more than the value of that "recovery" house, according to Zillow. More than a year after the house was sold. WOW right! But wait there's more! The property at 3679 East 54th street sold for $59,900 on June 30, 2014 with First Merit bank this time  ponying up $47,895 and John Beresford Tipton writing a check for $15,000. Total $62,895 in loans $2995 MORE than the purchase price AND $16,881 MORE than the Zillow value today 6 months after the sale. I could go on...and on..and on but you get the picture. I guess Huntington Bank is trying to get in with the big boys at the Land Bank or looking for a big write off down the road. Very very revealing that local bank ON BROADWAY right in Slavic Village THIRD FEDERAL is NOT involved in any of these "recovery" loans. Hey they know better.

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No skin in the game...why FC protects Land Bank mob

  Pure profit and all camoflaged by "Land Bank" mobsters - the key to this swindle - culling properties and clearing of all tax liens and obligations w/hocus pocus at Board of Revision, all conveniently speeded up with SB 172 - Thank you Armond Budish!! - then transferred at ZERO dollars to development corporation who holds indefinitely (no tax revenue) and transfers to Forest City/Safeguard for ZERO dollars - flipped into sale w/buyers no doubt in on the AMAZING deal and having no intention of actually living in these houses for the term of the loan - 

Lilly Miller predicted this SCAM : 

http://realneo.us/content/safeguard-properties-forest-city-slavic-village-recovery-llc-first-house-donated-county-land

you are on to something

you are on to something

Thanks Joe B

You know Slavic Village better than anyone.

Straw Buyers in Slavic Village

 

 

Posted on Coming Monday: Hard time in Cleveland -- A story of fraud, ruin and redemption in Slavic Village

 

 

 

 


dallafatoria2 days ago

 

 

 

 

 

 

 
 


 

Before Tony Brancatelli became the councilperson representing this neighborhood he was with the local community development organization.  Ed Rybka was the councilperson.  Rybka is now a City of Cleveland employee working in the building and housing sector.  

 

The tragic decline and decimation of this neighborhood did not happen overnight.  It was not caused by Blaine Murphy.  He simply took advantage, unfair advantage, of an existing situation.  

 

It is really bureaucrats and politicians like Rybka and Brancatelli to whom we should turn to and demand that they take the blame.  

 

The list goes on and on.  Housing court judge Ray Pianka, Thriving Cities and Land Bank bureaucrats include former councilpersons Westbrook, Rokakis and Frangos.  All of these guys worked the system to their advantage.  They were "the government" during the major decline of the city.  

 

Add to the list Dan Brady and Dale Miller.  They are former Cleveland City Councilpersons who are now working the system as members of the county council.  

 

Label Blaine Murphy the villain if you choose.  Make him the scapegoat. if you will, but he was a savvy business man who jumped on an opportunity; an opportunity resulting by the broken, corrupt city government.  

 

If Blaine Murphy were given the resources and money that these councilperson blow through--especially in the community development organization--Murphy would turn the ship around and make the neighborhood profitable and livable.  

 

Where Murphy broke the law he should be punished.  Fine.  Otherwise we should turn to him and ask him to run for council as an independent not linked to the Democrat machine.  Better yet..  Let's ask him to run for major.  Just imagine having someone with a real understanding of the entrepreneurial spirit.  And don't worry about his having been convicted.  That's not a problem a Cleveland City Hall.  Just ask Jeff Johnson or Sabre Pierce.  

 

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http://www.cleveland.com/metro/index.ssf/2015/06/questions_comments_tell_us_wha.html



investigatelandbank17 hours ago

 
 


 

I've had the pleasure of meeting Mr. Murphy.  Nice guy who made a mistake purchasing property in the Slavic Village area.  Shame on him for investing money in an area which was already promised to the local thieves-  Gus Frangos- County Land Bank ; Safeguard Properties; and Forest City Enterprises.

The Illinois Attorney General recently obtained a one million dollar judgment against Safeguard Properties for ripping off homeowners, and hundreds if not thousands of complaints filed against this scam company. The National Fair Housing Agency recently filed a complaint which also involves Safeguard Properties in the Cleveland area.  The company has a terrible reputation, everything from stealing homeowner's property, failing to pay contractors, to discrimination.  But that won't stop the county land bank from giving these thieves hundreds if not thousands of FREE or nearly free properties, specifically in the Slavic Village area (Slavic Village Recovery).  The same area in which mortgage holders paid these thieves to 'safeguard' houses.  I don't believe that much needs to be said about Forest City Enterprises as these thieves are known across the country.

 

It would in the public's best interest for the PD to perform some good old-fashioned investigative work, just like I did.   They would find that career public servant Jim Rokakis was long- term business partners with a major downtown developer who received lots of public contracts.  Hell, one of Rokakis' many properties sold for over TEN MILLION DOLLARS.

 

And the PD should really check out Rokakis' buddy Gus Frangos.  Frangos is president of the county land bank and has committed at least two counts of mortgage fraud.  Frangos doesn't pay his own mortgages and property taxes, he hides property behind numerous self- created LLC's, and is really nothing more than a con artist.  A con artist in charge of all of taxpayer property in the county's land bank.

 

The county land bank, along with Slavic Village Development, gives-as in FREE- or nearly gives away taxpayer property to politically connected investors, so why single out Blaine Murphy?  Murphy made a mistake by investing in an area already basically given away to the politically connected.  Shame on him.

 


 

No $$ here - Rokakis is going down

Ugh - a quote from Rokakis is a guarantee that he his "Land Bank" cronys (Frangos, Brancatelli) and the CLECabal protected by this media outlet are looking for more ways to generate demolition funds.

Much ado about nothing - there is no money here. And, with the new administration in Washington - the disaster known as Cuyahoga County govt will have to reign in the unchecked spending of their $50M slush fund set up to aid the "Land Bank." The Treasury is also pulling the plug on demolition funding. Why has this media outlet buried the East Cleveland Noble Rd dump story. I am waiting for the feds to shut down Cleveland - and ask for some accountability. Detroit was first - Cleveland is next.

 

 

 

http://www.cleveland.com/metro/index.ssf/2017/05/supreme_court_rules_cities_can.html

 

 

 

"Former Cuyahoga County Treasurer Jim Rokakis, a crusader against urban blight " - the same man who along with his Land Bank buddy Gus Frangos legislated sale of third party tax liens in NEO - a practice found discriminatory against African-American property owners. Thousands of homeowners with NO mortgage - lost their homes to outfits like Plymouth Park Tax Services, Aeon Financial and, currently, Woods Cove. This media outlet is complicit. Banks actually paid the taxes on the mortgages held by foreclosed homes - the banks did not destroy our tax base in NEO. The so-called crusaders against urban blight have destroyed our local economy and have left us with abandonment by design.