Pocono News Section

I-Team: Immigrant Family Denied American Dream

I-Team: Immigrant Family Denied American Dream - Friday, March 20, 2009 at 6:17PM EST

An immigrant family from Scranton is denied the American dream, in part by a foreign bank that received bailout money. It's a story that underscores what some claim is a broken banking system. Consumer and I-team reporter Jeff Chirico here in the studio with a story you'll see only on Eyewitness News.
Lyatif Kadyrova doesn't speak much English but you can clearly see the stress in his and his family's faces. He, his wife, sons and pregnant daughter-in-law will be kicked out of their home in twenty minutes. Safiya Kadyrova says “we don't even know where to go.”

The Scranton house was foreclosed because their landlord didn't pay the mortgage. Now the Kadyrova's want to buy it. Illya Kadyrova says “we have mortgage. We're ready to pay. Have money. All papers signed." But realtor Chris Cole says the offer for the full asking price was rejected with no explanation from Nationwide REO -- the company handling the foreclosure for Deutsche Bank. Cole says “it took a couple days. They say they're not even considering your offer. Tell them to pack their bags, get out they're being evicted." Michelle McCormack of PHH Mortgage says “you have ready, willing and able buyers and yet they won't sell it."

I speak with the Lackawanna County Sheriff as his deputies wait outside as minutes tick toward one. Chris says it's frustrating that taxpayer-funded banks won't even work with the taxpayers. "I need an explanation here. I think something is broke in the system."

And at the last minute “the writ of possession will be continued for one week." --a welcome reprieve for a family with no other place to go. Safiya says “I can sleep in my room. I don't have to go anywhere for a week." Cole says "I'm happy. It gives me another week to climb all over this REO company and work with them."

They carry back in their blankets and clothes, grateful for the help and hoping they're just one week away from the American dream.

Interestingly, this week embattled AIG --which paid millions in bonuses to executives -- actually gave the German Deutsche Bank billions of dollars in bailout money. I spoke with the attorney representing nationwide REO --he tells me the company refuses to make a statement.