Cleveland Real Estate News

Brian O’Neil of the Pittsburgh Post Gazette says Pennsylvania has a “better economy, better lenders and better laws.” He’s explaining why the sub prime mess as he calls it, hit Ohio harder than Pennsylvania.

Some differences: Allegheny County PA has about 4700 foreclosures this year and same with last year; we had twice as many in Cuyahoga County each year.

Our County Treasurer, Jim Rokakis said this when asked by the reporter:

There was nobody home at the regulatory level in Ohio,” Mr. Rokakis said. “Predatory lending practices were allowed to run wild and unabated.”

PNC Bank is buying a strapped National City, based in Cleveland, because “I think your banks were acting responsibly and ours were not. Period.”

One more quote, then read the entire article and let us know what you think:

Steve Shivak, executive director of the Pittsburgh Community Reinvestment Group, says National City did not get into the same lending trouble here that it did in its home state. That’s partly because, for the past 21 years, his watchdog group has demanded good loans from banks and has helped define what they should be.

We had Taft and his group for quite a few years and we still have anti-regulation people who can affect our legislation, but truly, the events of last few months must show that it would have been great had we not waited, as a State, until 2006, to get decent laws on the books.  What say you?

Peace Out – 3C