Cleveland House Contractors and Homes for Rent; Your Home Mechanics and Property Managers
  • Welcome to the Reilly Painting and Contracting Blog

    Welcome to Reilly Painting and Contracting, "The Home Mechanics," and Reilly Properties. We are your Cleveland home contractors who specialize in major home design projects and remodels, and minor home repairs. We also provide house rentals throughout Cleveland, Ohio.

  • Socialize

    Find us on Facebook.

    Watch us on YouTube.

    Follow us on Twitter.

    See us on Pinterest.

    Subscribe to our RSS feed.

  • Points of Interest

  • Topics

  • Testimonial

    "Eric and his crew did a masterful job of painting the walls to perfection and making sure that our chestnut woodwork was protected. He oversaw the refinishing of our living room and dining room floor that now glows. He fixed all sorts of things that got our beautiful home ready for sale. All of this Eric did with heart!"

    Mark K.
    Shaker Heights

  • Joe Nocera Talks Housing Crisis

    [caption id="attachment_4459" align="alignleft" width="245" caption="New York Time Writer Joe Nocera"]Nocera[/caption]

    Be sure to read New York Times Op-Ed writer Joe Nocera's thoughts on how to fix the housing crisis through the use of analyzing the data, in his latest article:

    In Miami recently, I met up with Laurie Goodman, a senior managing director of Amherst Securities. I’d been trying to meet her ever since I’d read an article that she had written in March entitled “The Case for Principal Reductions.” But our schedules never seemed to mesh. So when I noticed that we were both going to be at a conference in Miami, I wangled a breakfast appointment. It was one of the more illuminating breakfasts I’ve had in a while.

    The idea of helping struggling homeowners by writing down some principal on their mortgages — as opposed to reducing the interest or reconfiguring the terms to lower the monthly payments — is much in the air right now. Banks loathe the idea of principal reduction; they fear that people who are current on their mortgages will start defaulting just to get their principal reduced. They also don’t want the hit to their balance sheets.

    But the states’ attorneys general who sued over the robo-signing scandal have made principal reduction the central plank of the settlement they are close to completing. The settlement will force the big banks to begin a sustained program of principal reduction, and will heavily penalize banks that don’t comply. From what I hear, the goal of the states is to prove to the banks that principal reduction will not cause the sky to fall — and is, ultimately, less damaging to bank profits than foreclosures.

    Housing activists love principal reduction because they tend to see it as a just solution to an unjust situation — it’s a way of making the banks pay a real price for their sins during the subprime madness while allowing people to keep their homes. Conservatives, on the other hand, hate principal reduction. They believe that borrowers who made poor decisions by taking out mortgages they could never afford have to take responsibility for those decisions. If that means foreclosure, so be it.

    Read more at The New York Times

    Filed under: Selling Your House
    Tags: , , .
    Bookmark the permalink.

    Leave a Reply

    Your email address will not be published. Required fields are marked *