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Dougw
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Username: Dougw

Post Number: 1997
Registered: 11-2003
Posted on Tuesday, November 20, 2007 - 11:25 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

http://www.freep.com/apps/pbcs .dll/article?AID=/20071120/NEW S01/711200342
quote:

Mayors to confront foreclosures
Meeting in Detroit to study growing crisis
November 20, 2007

BY ZACHARY GORCHOW
FREE PRESS STAFF WRITER

The foreclosed house next door to Kristi Katsma's home in Detroit's Indian Village symbolizes the potential rot the foreclosure crisis creates for neighborhoods.

After it was broken into repeatedly and stripped of copper pipes and architectural elements, residents have banded together to help the house on Seminole, setting up a security system and caring for the yard in hopes of protecting their neighborhood's character.

"In part, we're doing this to safeguard our investment," said Katsma, 37. "The longer a house is empty, the more it's in disrepair and the greater a chance that it's going to get broken into."

With thousands of such foreclosed homes eating away at Detroit's neighborhoods, Mayor Kwame Kilpatrick will announce today that several mayors from across the country will convene in Detroit next week to brainstorm ways to confront a crisis plaguing communities everywhere.

Kilpatrick, who heads up the committee that handles the foreclosure issue for the U.S. Conference of Mayors, said the foreclosure crisis is hammering the city in many ways -- from morale in stable communities now stuck with vacant homes to having fewer homeowners who have less equity.

"It's never been to the degree that this is happening," Kilpatrick told the Free Press. "The foreclosure issue is the single-biggest economic issue that we have to overcome in the city of Detroit."

...

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Danny
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Username: Danny

Post Number: 6819
Registered: 02-2004
Posted on Tuesday, November 20, 2007 - 12:28 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Loss of jobs leads to home-owners losing their homes in the flash. 2008 would be the year of the great recession. More people will lose their jobs, homes, lifestyles and even their minds. Michigan's unemployment rate will be 8.5% Detroit's unemployment rate will be 20%. Families will be leaving Michigan. It's not much going on the Great Lake State anymore. It's boring of we don't provided people with some jobs.

Don't point your blaming fingers on Granholm for this mess. Blame those who are in the free trade in the capitalist competitive nation. You all didn't see its warning signs now you all are going to pay the price.
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Mcp001
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Username: Mcp001

Post Number: 3070
Registered: 11-2003
Posted on Tuesday, November 20, 2007 - 5:24 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Don’t go off and give the guv a free pass just quite yet.

She's to blame to creating and perpetuating stagnant business climate in Michigan, as well as the chief architect of the income tax hike that does nothing more than give people yet another incentive to bolt out of Michigan.
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Lefty2
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Username: Lefty2

Post Number: 687
Registered: 07-2007
Posted on Tuesday, November 20, 2007 - 7:14 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I can blame Granholm, and all the other politicians!
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Jerrytimes
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Username: Jerrytimes

Post Number: 74
Registered: 04-2007
Posted on Tuesday, November 20, 2007 - 11:14 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

It's rather ironic that Graholm still hasn't done anything to help buisness in Michigan. How many years does she need?
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Renfirst
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Username: Renfirst

Post Number: 129
Registered: 12-2006
Posted on Tuesday, November 20, 2007 - 11:50 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I'd blame Granholm and the ridiculous policy she's created that dissuades businesses from coming to the state.

The lenders have caught on though... Chase is the first of many lenders that are automatically modifying customers ARM loans into standard 30 yr. fixed rates, at no cost to the customer.

Imagine if they'd done this a year ago...
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Dougw
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Username: Dougw

Post Number: 1998
Registered: 11-2003
Posted on Tuesday, November 20, 2007 - 11:51 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Are we really letting Danny take this thread off-topic? I'm neutral at best on Granholm, but the foreclosures in the city are barely even related to Michigan job losses, let alone Granholm.
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Crumbled_pavement
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Username: Crumbled_pavement

Post Number: 43
Registered: 08-2007
Posted on Wednesday, November 21, 2007 - 12:10 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Granholm's the governor so it's all her fault. Here's how the chain of command works. If it happens in Metro Detroit, it is Kwame's fault. If it happens in Michigan, it is Granholm's fault. If it happens anywhere else in the world it is Bush's fault.
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Renfirst
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Username: Renfirst

Post Number: 131
Registered: 12-2006
Posted on Wednesday, November 21, 2007 - 12:12 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I wonder how much Kwame is willing to do when he's wining and dining one of the biggest predatory lenders, Quicken Loans, to the city...

HR 3915 was passed in the house and senate recently, which mandates federal underwriting and licensing guidelines for mortgage lenders and brokers... that should help, but there will always be people out there looking to get the best of others...
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Mcp001
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Username: Mcp001

Post Number: 3074
Registered: 11-2003
Posted on Wednesday, November 21, 2007 - 9:32 am:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

Mayors don't have control over the business climate in the state, the guv does.

I wish them the best of luck in their meeting. But until Granholm comes back to reality, the mayors' work will be for naught.
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Fnemecek
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Username: Fnemecek

Post Number: 2606
Registered: 12-2004
Posted on Wednesday, November 21, 2007 - 2:22 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

It's interesting how folks like Mcp001 blame everything on Gov. Granholm.

The foreclosure crisis a national problem. Does anyone really think that Ms. Granholm controls the economies of the other 49 states that are also experiencing this problem?
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Kenp
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Username: Kenp

Post Number: 885
Registered: 03-2006
Posted on Wednesday, November 21, 2007 - 2:33 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I agree with Renfirst.
The first thing I thought about when I heard this on the radio was that Dan Gilbert will be a part of it. If you want to blame somebody then he is an excellent candidate.
How ironic is it that Kwame and Granholm kiss the ass of this man.
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Johnlodge
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Username: Johnlodge

Post Number: 3782
Registered: 10-2003
Posted on Wednesday, November 21, 2007 - 2:39 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

What's Granholm supposed to do, tell America to stop sending all its manufacturing to China? Tell people to stop shopping at Wal*Mart? That's the problem in Michigan, we're builders and engineers, and have been replaced by cheap Chinese labor to benefit the bottom line of CEOs and boards of directors. What do you want Granholm to do about that?

Michigan is only the first state to feel the raw pain of this country being fleeced for the benefit of a handful of people. The others will follow. Retail and service economies will not sustain an American middle class.
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Sciencefair
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Username: Sciencefair

Post Number: 26
Registered: 10-2007
Posted on Wednesday, November 21, 2007 - 3:20 pm:   Edit PostDelete Post   Move Post (Moderator/Admin Only)

I agree JohnLodge, the wheels have been in motion for decades, but we're only now really seeing the effects hit home.

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