The House Next Door | movie | 2022 | Official Trailer - video Dailymotion

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The House Next Door is a documentary about how the foreclosure crisis of 2008 ripped through the Greater Cleveland area, | dG1fSFFCeFF3ZG0yRUU

Transcript

00:00I saw recently a study that said that there are no natural disasters in Cleveland, which

00:11made it the safest place in the country to live, no hurricanes, no earthquakes, but we

00:16had a tsunami, and our tsunami was the mortgage foreclosure crisis.

00:23What could be safer than an American mortgage?

00:26Sure, some mortgages would always go bad, but generally there was probably not a safer

00:31bet.

00:34It was great.

00:35It was all about the money.

00:36People were getting insanely rich all the way up and down the line, except for the bond

00:42holders and the homeowners.

00:44After a while, the loan got switched from one company to another company to another

00:49company to another company.

00:51As the market really got crazy over those years, again, number one, everyone realized,

00:57hey, there's a lot of money to be made here.

00:59Each time it was switched, the mortgage went up, the rates went up, the fees went up.

01:05And then number two, everyone realized that we can make our own rules, and it became a

01:11race to the bottom.

01:13For many of these individuals and families, this was the largest investment of their lifetime.

01:19I kept getting foreclosed on, and like I said, I kept coming up with those dollar amounts.

01:24Now, we were going bankrupt coming up with those dollar amounts, but I kept doing it.

01:28People were forming title companies who never were in the business, because it was easy

01:32money.

01:33All we have to do is collect our fees.

01:34You know, I paid, it would have been two payments plus the third payment.

01:39The character at the bank says, we can't accept it.

01:42We just can't accept it.

01:43You're going into foreclosure.

01:44And when you see, you know, what used to be, say, 10 Cleveland, Ohio properties come

01:48in in a month go to a thousand, that is when I thought something is wrong.

01:54How could this have happened?

01:55Whole neighborhoods became decimated with vacancy abandonment, and what comes with vacancy

02:01abandonment is, of course, all the social ills, crime, drugs, arson.

02:06I was used to inner cities.

02:08This was like something I had never, ever seen.

02:10He looked like Slick Willy, very polished, he knew what he was doing.

02:14He got some trouble up in Ohio.

02:16He clearly knew what was going on.

02:18Needless to say, I didn't see my home for nearly four years after that morning.

02:22I mean, I was taken away and that was it.

02:25In our case, we basically had about a 10-year situation that we dealt with this before it

02:32really got resolved.

02:33But as the title wave came, more and more information was coming in from so many different

02:39areas.

02:41That's when I realized, I'm going to fight this thing to the bitter end.

The House Next Door | movie | 2022 | Official Trailer

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