Comments on: There goes the neighborhood
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- This is insane. It would have been better to have dropped monthly mortgage payments than kicking people out on the streets and then destroying the property. This is insane.
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- The tax payer bailed out the banks to the tune of $700 plus billion. The banks now borrow from the gov't at a mere 1/2 of 1 percent yet they fail to realize they could have saved many a foreclosed home if they too reduced the interest rate on the mortgages they held or continue to hold. A reduction in interest rates of 4% on a $300,000 mortgage would reduce the monthly payment by $1000. This simple but temporary, say 3-5 year formula, would have made millions of foreclosed homes afordable and would have saved trillions of dollars of vanished equity by those with and without mortgages not to mention the billions of dollars of capitol the banks continue to right down. Shame on our short sighted political leaders for not holding the bank's feet to the fire requiring the banks to pass on to mortgage holders the savings that we taxpayers gave to the banks.
Gasper Celauro
Patchogue, NY - Reply to this comment
- Detroit has the same problem as Cleveland with foreclosed and abandoned homes but doesn't have the money to pay to demolish homes like Cleveland and Cuyahoga County. Where do they come up with the money to do such a program. If other communities could, I'm sure they would do the same thing
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- Shocked...I understand how/why "Bank" can take property for non-payment of an agreed upon contract. The "Bank" repos the property and also goes after the assets of the homeowner, if he/she has any to recover debt owed to the "Bank", fine, I think I get that. My problem is with the "Bank" taking the property for non-payment, and then having no obligation to maintain it. The property is then condemned by the "city", and the "Bank" is allowed to walk away leaving the taxpayers of the "city" to pay the bill for demolition. Why, finally the question, is the "Bank" allowed to do this when it has assets that the "city" could go after for the negligence of the "Bank' to its property? Any slum lord in any city isn't allowed to do this if he has assets to clean up his mess......................
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- Now that you have done the story on the foreclosure issue, why not back it up and show how this mess began with then President Clintons "every one should be able to own the american dream plan" . This in my opinion had started the ball rolling with his direction to now NYS Gov A. Cuomo former HUD secretary under Clinton and his underling Jillibrand now a us senator NY were responsible for relaxing the banking regulations .This allowed for all the crazy mortgages to be created and allowed people who could not ordinarily afford a home to buy one ,and now the banks are being totally blamed for this mess COME on CBS cover the whole truth! but that would mean you would have to expose our great politicians for what they are!
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- Hi,
After watching your segment on foreclosures in Cleveland, this question came to mind: Are the banks, who are the entities that own these properties, taking "write-offs" for the full amount of the risky loans?
If that's the case, then the problem will just perpetuate. The banks will keep foreclosing on properties, they will take the beneficial tax write offs instead of reducing the loan amount, the banks won't take care of the properties, and the city will keep having to destroy these houses that have been plundered to prevent further depression of housing prices in the neighborhoods. Please follow up on my question about tax write-offs. - Reply to this comment
- OK 60 Minutes. I'd like to see a follow up. If this is happening to such an extent, then most of the viewers are facing this dilemma themselves. WHAT happens to the homeowners who abandon? Are they better off? WHO are the banks doing this? Did they receive TARP funds? Are there any watchdogs who are working on laws to give the banks reason NOT to abandon the properties? Is there a way for cities to force the banks to abandon sooner so that the city may set these properties up as rentals before they become destroyed. Don't banks take losses anyway, isn't it built into the system? Follow up please.
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- Howdy after watching homes being demolished last night i am confused. These are good homes. Knocking them down is such a waste. Abandoned without a sheriffs sale then destroyed to try an boost other homes values....
It just goes against my grain . So many people out of work. Out of homes and such a rich country. This is the best we can do?
How about buying them for $1.00 and putting unemployed youth to work renovating& selling these at the newer lower value. Building these young people by training and getting a pay check. Sure it's helping them an others whom could then afford the lower house payments. Strengthening the communities instead of destroying them. If i heard it right just in the county 21,000 including the 1,000 already destroyed - shame on where we the people have come. The great depression what did they do then? My frugal parents kids then survived - did not waste they built or maintained. 50 million Americans now living in poverty. Whats the legacy becoming? - Reply to this comment
- This is from the office of Jim Rokakis, Director of the Western Reserve Land Conservancy's Thriving Communities Institute located in Cleveland, OH. Thank you for your concern and offer of assistance to Linda Bizzelle, the out-of-work nurse unable to make her mortgage payments, mentioined in the "60 Minutes" broadcast of "There Goes the Neighborhood" on Dec. 18th. If you wish to help Linda save her home, donations may be sent to her through the Cleveland Housing Network. Please send all checks or money orders made payable to: The Cleveland Housing Network: Linda Bizzelle Fund, 2999 Payne Avenue, Cleveland, OH 44114. Their phone number is 216-574-7100 if you have questions. Thank you!
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