Illegal Flipping and Neighborhood Inequality: A Slavic Village Case Study
MetadataShow full item record
Publisher:The Ohio State University
Series/Report no.:The Ohio State University. Department of Sociology Honors Theses; 2009
Recently there has been extensive research on the changing face of inequality in the U.S. housing market. Initially, the expansion of mortgage loaning to subprime borrowers was seen as an equalizing opportunity for people with tarnished credit records or those susceptible to discrimination to own a home. Instead, many people without enough income and the proper credentials to own a home are able take out a hefty mortgage that they cannot afford and subsequently lose their homes. In addition, it has opened opportunities for inexperienced home buyers to become targets for predatory loans. However, there is yet another consequence resulting from the relaxed lending practices which has received much less attention. Recently, there has been an increase of fraudulent activity detected which is not directly aimed at cheating the borrower. This fraud-for-profit scheme involves a wide range of illegal activities which intentionally leads to the foreclosure of properties, devastates neighborhoods, and defrauds banking institutions. The neighborhood blight is severe and has negative consequences for residents such as an inability to sell their property, a rise in crime, and unfounded property valuation increases. My research examines the gap in neighborhood inequality research dealing with the fraudulent property flipping form of mortgage fraud through a case study of Slavic Village in Cleveland, Ohio. I examine the prevalence and process of illegal flipping in Slavic Village using federal and local government data, and conduct systematic neighborhood observation of the contribution of flipping to neighborhood deterioration.
Items in Knowledge Bank are protected by copyright, with all rights reserved, unless otherwise indicated.