[dennisw]

Shaker used to be

[markomalley]

The thing the article didn't mention was the loss of an economic engine in the rust belt (to include NE Ohio). They blame the mortgage lenders, when the other glaring point here is the impact of government regulation on their industry combined with union preference for industrial self-destruction over compromise with management.

Myself, I'd blame what's happening on the unions and years of government over-regulation forcing industry south before I'd blame mortgage lenders.

[DollyCali]

I drove through Shaker Hts a few days ago. What is in this article might exist here & there (like where I live) but overall I saw a lot of very high end homes (as well as modest) in great condition & the normal amount of for sale signs.

Seems like a little sensationalism here implying the entire community is shot.

There is a lot of pride in Shaker Hts which has had it share of difficulty in going from an elitist & wealthy city to semi slum at borders near east Cleveland & then the past couple decades a true attempt to put itself in a positive light & clean up the “problems”

[<1/1,000,000th%]

People refinance their homes without even reading the terms of the mortgage?

How did they buy homes in the first place?

Is this story even true?

[DCPatriot]

I thought Shaker Heights was one of the most exclusive areas to live in the Cleveland area. At least it was back in the late 60’s and early 70’s.

[DennisR]

“Chagrin Street” - apparently named very aptly.

[TChris]

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

Here's a free clue:

Don't ever, ever sign a legal document you have not read or do not understand!

[Kimberly GG]

wow....certainly NOT the Shaker Heights I knew.

[Kimberly GG]

“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.

And no Social Security number either. Wonder how many who “left in the night” have already purchased a new identity/number and how many squatters will be purchasing the same.

[Doc91678]

So where is Kucinich in all this. He created the problems when he was Mayor.
And, he wants to be president?

[meyer]

Shaker Heights has been decaying slowly for the last 3 decades. It was once a very wealthy suburb of Cleveland, with large, stone-faced houses and lots, plenty of small lakes, and access to the Cleveland Rapid Transit system.

Unfortunately, it's lost its lustre as those with the means have moved on to lower-taxed, less-liberal surroundings in the outlying suburbs such as Pepper Pike & Beachwood.

[meyer]

"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.

Were lenders really that stupid, or is someone telling a stretcher here in order to gain sympathy.