Two recent articles (CNN and Newsweek) tell the sad truth about predatory lending and its impact on Slavic Village, a community in Cleveland, Ohio. The data reports show the contribution of mortgage loan misery made by Argent, New Century, and other out of town subprime mortgage lenders from 2004 through 2006.
While Slavic Village still suffers, there is some encouraging news. Mortgage lenders continue to lend in Slavic Village. The difference between the period before 2007 and now is the share of lending by local banks in Cleveland. Michael Hirsh's "Mortgages and Madness" article ends with the hope that mortgage finance will return to local lenders. The data shows that local lenders are the leaders in mortgage finance for Slavic Village.
Tell us what you are seeing in your communities. Has mortgage lending returned to the local retail banks ?
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2 comments:
Sadly, this is probably true of other areas too. Is Cleveland one of the worst?
No Cleveland is representative of what you will likely find in urban areas all over the country!
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