To everyone who says, “Let the homeowners with bad mortgages go down,” I say “Cleveland.” The subprime crisis has hit the city hard, and it is clear that it isn’t possible to limit the effects of bad mortgages to the homeowners and investors who were involved in those deals. Cleveland demonstrates that a critical mass of bad loans can threaten the survival of a community. With little help anywhere on the horizon, Cleveland is using the presidential primary to draw attention to the crisis.
The Cleveland City Council has asked the presidential candidates to send senior representatives to a meeting today on fighting foreclosures and abandonment. Cleveland plans to present its proposals to get some new federal laws to deal with the crisis. What better time to gather promises than when the presidential candidates are stumping for votes?
Watch the proceedings live, 10-1 today. And think about the effects of subprime lending on a whole city.