Mortgage crisis ravages an Ohio suburb
January 28th, 2008
By Gerardo Orlando
The effects of the mortage crisis are becoming more dire. A suburb of Cleveland is practically turning into a ghost town.
This is what happens when the government refuses to consider common-sense regulation of business. Everyone knew that mortgage bankers were getting out of control, but the federal government did nothing. It’s similar to the situation in the 1980’s when we had the savings and loan crisis.
January 28th, 2008 13:13
My God, I was expecting this article to be about one of the more industrial Cleveland suburbs like Parma, Lorain or Akron, Canton.
To see the name Shaker Heights was truly surprising.
January 28th, 2008 14:12
It’s a shame. Shaker does have less affluent areas, but this is a real shame. The reality of old folks losing their homes after doing these refinancings is terrible.