Archive for January, 2008

Cleveland Charter Review Commission named…

Tuesday, January 29th, 2008

… and I’m on it.
No, really. Here’s City Council’s press release. The appointments were approved at the Council meeting last night. First meeting is Thursday morning.
Charter Review public notice:
In accordance with Section 200-1 of the City of Cleveland Charter, Cleveland City Council must appoint 15 Cleveland electors to the Charter Review Commission [...]

Foreclosure deeds recorded last week

Monday, January 28th, 2008

199 sheriff’s deeds were filed with the Cuyahoga County Recorder’s Office last week (January 21 through January 25).
Here’s who filed five or more:
Wells Fargo (29)
US Bank (24)
Deutsche Bank (23)
Department of HUD (20)
Federal Home Loan Mortgage Corp (13)
Household Realty (7)
Federal National Mortgage Assn (6)
Bank of New York (6)
HSBC Bank (5)
Lasalle Bank (5)
Washington Mutual (5)
Plymouth Park Tax [...]

60 Minutes: “House Of Cards: The Mortgage Mess” (and an auction)

Sunday, January 27th, 2008

If you didn’t watch 60 Minutes this evening, check out this Steve Kroft segment from the city that’s “ground zero for the current financial crisis and a microcosm of everything that went wrong.”
Nope, it’s not Cleveland — it’s Stockton, CA. The actors have bigger incomes and the house prices are a lot higher, [...]

Kucinich vote-show percentage better than Tubbs-Jones…

Thursday, January 24th, 2008

… who is Joe Cimperman’s Congressional Representative, after all.
So why isn’t he running against her?
The Washington Post “Votes Database” says Kucinich currently has a “missed vote” ratio of 11.5%. Eleven Democrats have higher no-show percentages. One of them is Cimperman’s own Representative, Stephanie Tubbs-Jones, who has missed 141 votes in this Congress [...]

Nobody owns you when you’re down and out

Thursday, January 24th, 2008

Cleveland stories on new web news site Washington Independent:
‘Toxic Titles’ Haunt Cities in Mortgage Meltdown
Communities Stung by Fannie Mae Sales to Speculators

PD foreclosure series wraps up: Still don’t know whodunnit

Thursday, January 24th, 2008

Ott and O’Malley give us a grand survey of all the ways this is a horrible problem, plus a pretty decent list of some people who’ve been trying to do something about it. (Which, incidentally, mentions that junior Senator Sherrod Brown is trying to change the section of Federal law that prevents homeowners in [...]

PD foreclosure series: Whodunnit? We dunnit!

Wednesday, January 23rd, 2008

So I’ve been waiting patiently for Tom Ott, Mike O’Malley, Philip Morris and company to name some names in their big, long-awaited feature investigation of Cleveland’s foreclosure crisis. As of Day Four, here’s who they’ve named:

PD foreclosure crisis coverage: But whodunnit?

Sunday, January 20th, 2008

Help me out here: Don’t those “five W’s” of news reporting include “Who”?
‘Cause I’ve read twice through Tom Ott and Philip Morris’ long and otherwise excellent “Foreclosure Crisis” features in today’s PD, and I can’t find the name of one mortgage broker, appraiser, title company, mortgage lender, or investment bank that helped create the crisis.
Readers [...]

$107 billion down the crapper

Sunday, January 20th, 2008

Via Calculated Risk, WSJ Marketbeat’ adds up the writedowns to date: $107 billion in subprime asset-based security losses in 2007, and counting (including fourth-quarter projections).
Ten of the companies on the Marketbeat chart are also among the twenty-one named in the City of Cleveland’s foreclosures-as-a-public-nuisance lawsuit: Merrill Lynch, Citigroup, Morgan Stanley, HSBC, Deutsche Bank, Bank [...]

Foreclosure tourism

Saturday, January 19th, 2008

I guess this illustrates something about the new media terrain… not sure exactly what. An email today from local photographer Tim Harrison:
Hey Bill,
Here’s a link to a story the Toronto Globe and Mail ran today about the “U.S. Housing Mess” from the perspective of Cleveland. They sent a reporter down and hired me–a local [...]