CLEVELAND -- A large part of the current economic crisis is due to bad mortgages.

Locally, there have been more than $6 million in home sales backed by not just bad loans but fraudulent ones.

Ultimately, all the homes ended up in foreclosure, leaving neighborhoods to deal with vandalism and blight.

In Slavic Village, local and federal investigators announced indictments against Antoinence Boyd, Beverly Cody, and a man prosecutors called is "the poster child of predatory lending in America," Mark Kellogg.

Kellogg is a licensed mortgage broker.

Investigators said he bilked mortgage companies out of millions by inflating home values, faking down payments, lying on loan applications, and selling homes to people who could not afford them.

This was a scam perpetrated all over Slavic Village.