Tuesday, July 13, 2010
Killing our Neighborhoods
I wonder if a Goldman Sachs executive would spend a night in the house above? After all, they do kind of "own" it.
The house, in the Slavic Village neighborhood of Cleveland, had a mortgage that was part of the Goldman Sachs synthetic CDO, ABACUS 2007-AC1. In 2008, the house was foreclosed upon, and still sits abandoned today.
At least the ivy devouring the south side of the building seems happy.
I am writing this in the Red Chimney restaurant, a social hub for the locals in Slavic Village. This place is probably the only thing that has not changed drastically in the last ten years in this neighborhood. It feels very comfortable -- old networks get rejuvenated here. Every community needs a gathering place, especially in times of trouble.
For an in-depth look at the players and financial flows involving this house , see Connecting the Dots of the Mortgage Meltdown.
Valdis recently helped CNBC with a documentary about Goldman Sachs and the recent mortgage crisis.