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Anthony Suau © 2008
Chicago, Ill., March 28, 2008 -- Chicago Mercantile Exchange traders in the open outcry S&P 500 pit as markets continue to swing erratically 100+ points a day up or down. The mortgage crisis is being played out on Wall Street and the world's financial markets.
Anthony Suau © 2008
Chicago, Ill., March 28, 2008 -- Chicago Mercantile Exchange traders in the open outcry Euro/Dollar pit as markets continue to swing wildly 100+ points a day up or down. The mortgage crisis is being played out on Wall Street and the world's financial markets.
Anthony Suau © 2008
Washington, D.C., March 17, 2008 -- Chairman and a member of the Board of Governors of the Federal Reserve System Ben Bernanke (left) in his office with Donald L. Kohn, Federal Reserve Board Vice Chairman, the morning after the Federal Reserve intervened to rescue the troubled Bear Stearns bank, providing $30 billion in emergency support and an interest rate cut.
Anthony Suau © 2008
New York City, March 14, 2008 -- Scene outside the New York Stock Exchange on the day Bear Stearns investors bailed out en masse and stock shares plummeted sharply. On Sunday, March 16, the Federal Reserve, fearing a global economic crisis as the Asian markets opened, bailed out Bear Stearns with a $30 billion infusion loan alongside JPMorgan Chase, which ultimately absorbed Bear Stearns in a distress sale.
Anthony Suau © 2008
New York City, March 14, 2008 -- Outside the New York Stock Exchange on the evening that Bear Stearns investors bailed out en masse and stock shares fell sharply. On Sunday, March 16, the Federal Reserve bailed out Bear Stearns with a $30 billion investment alongside JPMorgan Chase, fearing a global economic crisis as the Asian markets opened. Bear Stearns was ultimately bought by JPMorgan Chase in a distress sale.
Anthony Suau © 2008
Cleveland, Ohio, March 10, 2008 -- A prospective buyer at an auction at the Cleveland County Sheriff's Department for 250+ houses in the greater Cleveland area that have faced foreclosure. Mortgage brokers and their lawyers purchase the majority of the homes. Single buyers are also present. The process takes no more than 45 minutes.
Anthony Suau © 2008
Cleveland, Ohio, March 10, 2008 -- An auction at the Cleveland County Sheriff's Department for 250+ houses in the greater Cleveland area that have faced foreclosure in the current housing crisis. Mortgage brokers and their lawyers purchase the majority of the homes. Single buyers are also present. The process takes no more than 45 minutes.
Anthony Suau © 2008
Cleveland, Ohio, March 11, 2008 -- One of many boarded up homes that have been foreclosed in intercity Cleveland. Nearly every street in the city has at least one of these homes; most have several. The owners, in many cases mortgage companies, have the responsibility of maintaining them. Often squatters, drug dealers and the homeless move into the abandoned homes. The properties become targets of thieves, who strip them of all copper pipes and wiring to sell as scrap metal.
Anthony Suau © 2008
Cleveland, Ohio, March 12, 2008 -- This foreclosed home has been ripped apart by vandals for the copper plumbing and wires. Walls are ripped out and floors are torn up so that the thieves could access the metal and sell it as scrap metal. An inspector from Safeguard Properties in Cleveland checks out homes that owners, mostly mortgage companies, hire to keep from being vandalized or damaged. Safeguard Properties is a company that works throughout the United States.
Anthony Suau © 2008
Cleveland, Ohio, March 10, 2008 -- One of many trashed homes that have been foreclosed in intercity Cleveland. Nearly every street in the city has at least one of these homes; most have several. Many of the vacated homes are vandalized and ripped apart for the copper pipes and wiring by thieves to sell as scrap metal. Water is sometimes left running to flood the house for revenge. Often squatters, drug dealers and the homeless move into the abandoned homes.
Anthony Suau © 2008
Cleveland, Ohio, March 11, 2008 -- Slavic Village, once a nice working-class Cleveland neighborhood of Poles and people of other Slavic origins, is now heavily hit by the mortgage crisis, with many of its homes boarded up and foreclosed. Nearly every street in the city has at least one such home; most have several. Often squatters, drug dealers and the homeless move into the abandoned homes. The copper pipes and wiring are frequently stripped out of the properties by thieves to sell as scrap metal. Foreclosed homes in Slavic Village have figures drawn on the doors and windows to give the impression that someone is living there.
Anthony Suau © 2008
Cleveland, Ohio, March 11, 2008 -- A business street in intercity Cleveland, with the majority of its shops closed and abandoned. Such scenes are fermenting in nearly every city and neighborhood throughout America as the mortgage and economic crisis takes its toll on commerce.
Anthony Suau © 2008
Cleveland, Ohio, March 10, 2008 -- Boarded up homes due to the foreclosure crisis in intercity Cleveland. Nearly every street in the city has at least one of these homes. Most have several. The owners, in many cases mortgage companies, have the responsibility of maintaining them. Squatters, drug dealers and the homeless often move into the abandoned homes. Thieves frequently strip the properties of their copper pipes and wiring to sell as scrap metal.
Anthony Suau © 2008
East Cleveland, Ohio, March 25, 2008 -- In East Cleveland there are streets on which every home is boarded up and abandoned after foreclosure and eviction. Junkies, drug dealers, squatters and the homeless are known to inhabit these buildings and the area has become extremely dangerous. Some residents refer to it as "Mad Max" because of its anarchy and claim that anything can be purchased here: children, drugs, women. Murder is also very common in this district.
Anthony Suau © 2008
East Cleveland, Ohio, March 25, 2008 -- In East Cleveland there are streets on which every home is boarded up and abandoned after foreclosure and eviction. Junkies, drug dealers, squatters and the homeless are known to inhabit these buildings and the area has become extremely dangerous. Some residents refer to it as "Mad Max" because of its anarchy and claim that anything can be purchased here: children, drugs, women. Murder is also very common in this district.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Detective Robert Kole of the Cuyahoga County Sheriff's Department enters every eviction situation with caution. It can be a dangerous, and emotional, job as some desperate foreclosed residents cry on his shoulder while others threaten him.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Warning and final eviction notices are lined up for detectives such as Robert Kole of the Cuyahoga County Sheriff's Department who must deliver and enforce them. When the residents are at home he must ensure that all is final, that the home is clear of weapons and that the residents are indeed moving out. If no one is home, he must authorize that the door be forcibly opened, then enter and clear the house, room by room, at gunpoint looking for any squatters or inhabitants inside. He also checks the house for weapons. The eviction process is an emotional ordeal, both for the residents and, at times, the eviction policeman. Some residents weep on his shoulder while others threaten him.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- An eviction policeman approaches an intercity Cleveland home as the family and friends of Marian Taylor help her move her goods out after she defaulted on her loan. When delivering warning and final eviction notices, Detective Robert Kole of the Cuyahoga County Sheriff's Department enters every situation with caution. All emotions and fears are on the surface; some residents cry on his shoulder while others threaten him with a weapon.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- In this intercity home the family and friends of Marian Taylor help her move out her possessions after she defaulted on her loan. Cleveland has been particularly hard-hit by the current housing meltdown.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- Detective Robert Kole, an eviction policeman with the Cuyahoga County Sheriff's Department, approaches a foreclosed house in intercity Cleveland. Delivering warning and final eviction notices can be a dangerous and, at times, emotionally wrenching job. All emotions and fears are on the surface in these situations as some residents greet him by crying on his shoulder while others threaten him with a weapon.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- Detective Robert Kole of the Cuyahoga County Sheriff's Department cautiously approaches an abandoned house. He must search it, room by room, at gunpoint to ensure that the house is clear of weapons and squatters or inhabitants. It can be a dangerous and, at times, depressing, job. In this home, the decomposing body of a dog, tied to a leash and left to starve to death, was discovered in the kitchen.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- After discovering a front door left ajar in this foreclosed intercity Cleveland home, Detective Robert Kole, an eviction policeman with the Cuyahoga County Sheriff's Department, cautiously enters the abandoned home. It can be a dangerous, and depressing, job. In this home, the decomposing body of a dog, tied to a leash and left to starve to death, was found in the kitchen.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- Detective Robert Kole of the Cuyahoga County Sheriff's Department uses caution when he delivers warning and final eviction notices. In this intercity Cleveland home another sheriff calls for backup after it was found abandoned, the front door left open. The decomposing body of a dog, tied to a leash and left to starve to death, was found in the kitchen.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- Detective Robert Kole, an eviction policeman for the Cuyahoga County Sheriff's Department, cautiously moves through a foreclosed home at gunpoint to ensure that the home is clear of weapons and that the inhabitants have indeed moved out. This intercity Cleveland home was found abandoned and the front door left open. The decomposing body of a dog, tied to a leash and left to starve to death, was found in the kitchen.
Anthony Suau © 2008
Cleveland, Ohio, March 25, 2008 -- While delivering warning and final eviction notices, Detective Robert Kole of the Cuyahoga County Sheriff's Department enters every situation with caution. When the residents are home he must ensure that all is final, that the home is clear of weapons and that the residents are indeed moving out. If no one is there, he must authorize that the door be forcibly opened. He then enters and clears the house, room by room, at gunpoint in hopes that there are no squatters or inhabitants to threaten him or the movers.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Detective Robert Kole of the Cuyahoga County Sheriff's Department speaks with a homeowner as he makes his rounds delivering warning and final eviction notices. Cleveland has been particularly hard-hit by the foreclosure crisis.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Delivering warning and final eviction notices, Detective Robert Kole of the Cuyahoga County Sheriff's Department enters every situation with caution. When the residents are at home he must ensure that all is final, the home is clear of weapons and that the residents are indeed moving out. If no one is there, he must authorize that the door be forcibly opened, then enter and clear the house, room by room, at gunpoint in hopes that there are no squatters or inhabitants to threaten him or the movers.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Delivering warning and final eviction notices, Detective Robert Kole of the Cuyahoga County Sheriff's Department enters every situation with caution. When the residents are at home he must ensure that all is final and that the home is clear of weapons and that the residents are indeed moving out. If no one is there, he must authorize that the door be forcibly opened. He then enters and clears the house, room by room, at gunpoint in hopes that there are no squatters or inhabitants threatening him or the movers. All emotions and fears are on the surface in these situations; some residents greet him by crying on his shoulder while others threaten him with a weapon.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- After being evicted from their apartment without notice because the landlord foreclosed on the property they were renting, even though they had paid the rent, Darin Roseberry, 46, and his two daughters, Ayuaunie, 17 months, and Denise, 20, spent the night on a bus to keep warm. All of their belongings ended up on the street, and they ended up at Catholic Charities Emergency Center in Cleveland. Catholic Charities fed them and offered them a night in a hotel before they were split up and placed in separate shelters, which tend to be overcrowded and violent. Seen here, Denise breaks down and cries when she learns that they will have to split up to sleep in separate shelters.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- After being evicted from their apartment without notice because the landlord foreclosed on the property they were renting, even though they had paid the rent, Darin Roseberry, 46, and his two daughters, Ayuaunie, 17 months, and Denise, 20, spent the night on a bus to keep warm. All of their belongings ended up on the street, and they ended up at Catholic Charities Emergency Assistance Services in Cleveland. Catholic Charities fed them and offered them a night in a hotel before they were split up and placed in separate shelters, which tend to be overcrowded and violent.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Michelle Fortson and her husband, Reginald, sort through the mountain of papers that have gotten them into a financial crisis in search of a tax abatement paper. Predatory lending has left them in a position where they could lose their home. They have seven children and are doing everything they can to save their home.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Michelle Fortson looks through the piles of laundry that have built up over the past six months that she cannot afford to wash because of the water cost involved. Now she and her husband wash only what they and their seven children need for one week, nothing more. Predatory lending has left them in a position where they could lose their home.
Anthony Suau © 2008
Cleveland, Ohio, March 26, 2008 -- Michelle Fortson and her husband, Reginald, go family grocery shopping for the next three days. Michelle tightly controls the budget and searches for items that total no more than $30. Predatory lending has left them in a position where they could lose their home soon. Reginald tries to slip a couple of flowers into the shopping cart for his wife but Michelle asks him to put them back before checking out, saying that she knows he loves her.
Anthony Suau © 2008
Cleveland, Ohio, March 27, 2008 -- At the City of Cleveland's Division of Workforce Development employment office Johnny Nicholson, 40, looks for work as a welder or auto mechanic. Ashley Ermisch of the Workforce office tries to help him after a quick introduction. Unemployment has increased in Cleveland even though the population has decreased. Director Allison Mozt claims that there are many jobs but the education level is too low to fill them.
Anthony Suau © 2008
Cleveland, Ohio, March 27, 2008 -- At the City of Cleveland's Division of Workforce Development employment office Johnny Nicholson, 40, looks for work as a welder or auto mechanic. Ashley Ermisch of the Workforce office tries to help him after a quick introduction. Unemployment has increased in Cleveland even though the population has decreased. Director Allison Mozt claims that there are many jobs but the education level is too low to fill them.
Anthony Suau © 2008
Cleveland, Ohio, March 28, 2008 -- Once rumored to be the largest mall in the United States, the Randell Park Mall is all but closed due to violence, bad maintanance, poor business, and the current mortgage crisis.
Anthony Suau © 2008
Cleveland, Ohio, March 28, 2008 -- Once rumored to be the largest mall in the United States, the Randell Park Mall is all but closed due to violence, bad maintanance, poor business, and the current mortgage crisis. The vast, cavernous atriums remain dark as only a handful of people roam the mall. Most of the shops are shuttered and the few that are open sell jewelry to young rappers who come in to shop. Theft is commonplace for those shops that remain open but for the most part the massive mall is closed down.
Anthony Suau © 2008
New York City, March 14, 2008 -- Reaction outside the New York Stock Exchange on the day Bear Stearns investors bailed out en masse and stock shares fell sharply. Fearing a global economic crisis as the Asian markets opened, the Federal Reserve and JPMorgan Chase teamed up on a $30 billion bailout of Bear Stearns in a last-ditch effort to rescue the investment bank. It could not be saved, however, and Bear Stearns was merged with JPMorgan Chase in a distress sale.
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