Cleveland Real Estate News

There are tons of articles today about the Treasury/Administration decision to spend some of the billions allocated to bail out issues on private banks. Via stocks. I picked one to link here that highlights the mixed feelings they had about making this decision.  After all, I’ve been identifying the Feds as the new liberals but I digress. This MSNBC article  (originally AP) gives a good overview.  And here are the first nine banks receiving money (National City is not on this list) -

The nine initial banks participating are Goldman Sachs Group Inc., Morgan Stanley, JPMorgan Chase, Bank of America Corp, including the soon-to-acquired Merrill Lynch, Citgroup Inc., Wells Fargo & Co, Bank of New York Mellon and State Street Corp.

From my own perspective, Citi is very hard to deal with in short sale situations, as a Realtor®. VERY hard. As in, no one calls you back for months; not weeks, months.  And then there is the Wells Fargo issues, with them coming into our market a few years ago with sub prime loans and now being one of the largest owners of foreclosed property in Cuyahoga County.  Sigh.  To say the least, I would be happy to replace either of them with National City. Wonder how National City feels about it?  Peace Out – 3C

I was remiss and should have added the link to Teresa Dixon Murray’s PD blog post on this issue.  It’s really very thorough with a good explanation as well as quotes from Key and National City people.  Here it is.