US mortgage crisis creates ghost town (near Cleveland, Ohio)

http://www.breitbart.com/article.php?id=080127183107.ahcwfxrz&show_article=1&image=large ^

[traumer]

“I had my American Dream but it became a nightmare.”

[Tax-chick]

Sorry.

[nicmarlo]

ping

[RDTF]

wow

[Clintonfatigued]

Very sad.

[madison10]

Just for the record: Cleveland is in Ohio, not Illinois.

[Texas Eagle]

Does the (IL) mean Illinois?

[kalee]

Shaker Heights the Cleveland suburb is in OH not IL.

[kinoxi]

Tripled police, it’s a ‘ghost town’, but, the people are still leaving, smells funny to me.

[Bookwoman]

This is Ohio, not Illinois.

[popdonnelly]

This was all very predictable. High risk loans result in foreclosures. It has always been thus. The FHA went through this same phenomenom 30+ years ago.

[vladimir998]

quote from the article:

“All you needed was a pulse to buy a house. Some loans were written with no money down, no proof of buyer’s incomes. They did not even check what people were saying. Most of those folks were jobless,” he said in an interview.

Wait. I thought the banks were greedy? Here it sounds more like the people were just stupid. So why do we just blame the corporations? Why doesn’t anyone say, “These people did something stupid”?

[kinoxi]

They are called the neighbors who disappear in the night.

[reg45]

US mortgage crisis creates ghost town (IL)

The last I heard, Cleveland and Shaker Heights are in OH not IL.

Next time get your facts straight.

What do you think this is - The Daily KOS?

[Graybeard58]

I live in Illinois, we traded East St. Louis for Shaker Heights. Try to keep up.

[TruthShallSetYouFree]

She refinanced in 2003, but did not realize the document she signed included provisions to radically increase the interest rate.

No point in reading and understanding a document that contains potentially life-altering consequences.

[Larry Lucido]

The police station parking lot is full. The officers, who have seen their numbers triple since 2006, are coming back from their rounds. They speak of installing alarms in some of the homes claimed by squatters.

So, the population is decreasing but they hire more cops? What are they going to do, write each other speeding tickets to raise revenue?

[hinckley buzzard]

This doesn't describe the Shaker Heights I know, a reasonably prosperous and stable long-established community. It must be a cherry-picked street or two up against the border of Cleveland proper.

[Non-Sequitur]

Wait. I thought the banks were greedy? Here it sounds more like the people were just stupid. So why do we just blame the corporations? Why doesn’t anyone say, “These people did something stupid”?

Stupid customers notwithstanding, what else can you call a company that would write mortgages with no money down, with no proof of income, and without even confirming employment except 'greedy'? Or maybe 'idiotic'?