http://www.newsweek.com/id/138503
At heart, I will always be a Buckeye. It kills me to watch the impact to my home state from the subprime mess, especially when the state is not doing well economically. This is an interesting story from Newsweek that focuses on Slavic Village in Cleveland and the person who allegedly contributed to the fallout there.
Pay attention to some of the numbers in the story, such as the house that was once priced at $14,000 and then sold for $84,000.
Also, if you're further interested in looking more into the subprime mess, NPR ran a segment this morning, May 27, in which it interviewed an auditor who was involved in watching her supervisors approve loans that should not have been approved.
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During our 23-month ordeal of selling our Cleveland house, the bank at one point was processing an offer from a guy who couldn't give them a phone #. The realtor had to go to his apartment each time she needed to reach him. No phone, but the bank was considering loaning him thousands of dollars to buy a house!
He didn't get the loan, but in light of the Newsweek article, it's surprising that he didn't.
- FE
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