Sunday, February 24, 2008

A detailed look at the mortgage problems in Cleveland, Ohio

Cleveland: ghost town created by America’s loan scandal

One particular quote caught my eye: "Many homeowners who were struggling with their loans were using equity from their rising house price to refinance their mortgages. With the housing boom over, and lenders tightening their standards, troubled borrowers could end up without the equity they need to refinance their loan or to sell their home and pay off their loans." Sound familiar?

Posted by monty032 @ 08:27 AM (665 views)
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2 thoughts on “A detailed look at the mortgage problems in Cleveland, Ohio

  • little professor says:

    Cleveland’s mayor Frank Jackson knows who to blame: Wall Street. The mayor’s office is suing some of the world’s biggest banks. including Citigroup, Goldman Sachs, HSBC and Royal Bank of Scotland’s Greenwich Capital, claiming they acted like organised criminals financing the sale of products that they knew could do nothing but harm to Cleveland. Sub-prime mortgages have proved as bad as drugs in the destruction they have wrought on the community, he said.

    Well said that chap.

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  • sacred contracts says:

    I love this quote:

    Somebody once said we have found the smoking gun and everyone’s fingerprints are on it,” she said. “That’s how I feel about it. We all can take some blame for some of this.”

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