Friday, November 09, 2007

again, they're getting set to talk the talk, to sing the sad foreclosure song; they know some of the words, but not the tune

I got this notice from CoolCleveland's weekly newsletter. I hope they, the "experts," will begin to address the real causes, instead of focusing merely on the subprime and the substandard markets. This is about more than just ministering to the poor and the downtrodden, and being paid to spout platitudes about something you know little about, something that happens to "those people"; it's about neglecting to challenge those who are hiding behind the law to plunder the American neighborhood, because they're your funders and financial contributors:

Foreclosure Crisis: Shaping the Consumer Response

Learn more about one of this region's hottest topics at this informative conference, held Fri 11/9 starting at 8:30AM at Trinity Cathedral, 2230 Euclid Ave. The conference will feature national and regional experts, presenting strategies to combat predatory lending and payday lending. Among the speakers will include Ohio Attorney General Marc Dann. An overview of Governor Strickland’s Foreclosure Task Force will be also presented. Free parking is available off the E. 22nd St and Prospect Ave. entrance to the church. The conference agenda and registration form can be found at For more information call 431-6070.


  1. It should be noted that there is a differentiated value for subprime or stated income loans in the commercial lending market. This loan type is not entirely bad despite the abuse of some in the residential lending arena. Oftentimes, individuals that want to start or acquire a small business, purchase a gas station, acquire a motel, open an auto repair shop or any of a myriad of sole proprietor establishments, and do not have the portfolio that would make them attractive to the big box leaders. Lending companies like Ocean Capital in Rhode Island offer subprime and stated income loans by using up close and personal evaluations of the borrower and the opportunity. We need companies like this to support new business opportunities.

  2. Good point. The issues are the abuses of the product and also the near-absence of any oversight, or accountability, on the transactions, both on the loan sale and on the loan service. Are you in the business? Your name's linkback wasn't very revealing.