Center on Urban Poverty and Community Development Study Finds Subprime Lending Can Predict Foreclosure Rates in Cuyahoga County
Homeownership is part of the American dream, but individuals -- primarily African Americans -- who purchased homes with high-cost subprime loans have seen that dream turn into a financial nightmare.
High-cost subprime lending is emerging as a primary predictor contributing to a fourfold increase in foreclosures in Cuyahoga County in recent years, according to a new study from the Center on Urban Poverty and Community Development at the Mandel School of Applied Social Sciences at Case Western Reserve University.
"Homes purchased with subprime loans had an 816 percent higher chance of going into foreclosure than prime-rate loans and accounted for 84 percent of all foreclosures on home purchases and refinance loans in the study's time period," reported Claudia Coulton, co-director of the poverty center.
Coulton, along with Tsui Chan, Michael Schramm and Kristen Mikelbank, did the research for the study, "Pathways to Foreclosure: A Longitudinal Study of Mortgage Loans, Cleveland and Cuyahoga County, 2005-2008." Read more.
Campus Community Mourns the Death of Eric T. Nord, Inventor and Noted Philanthropist
To the Case Western Reserve University Community:
I write you today regarding Eric T. Nord, an alumnus of the Case Institute of Technology and one of our university's greatest benefactors. Mr. Nord, who died last week at the age of 90, embodied all that we dream of for our graduates. He was an innovator who changed his field, a philanthropist whose work touched thousands and a husband and father to a wonderful family. I have the pleasure of knowing one of his children, Virginia Nord Barbato, a current member of our university's Board of Trustees.
Mr. Nord co-founded Nordson Corporation in 1954 with his brother and father, growing it from a modest local firm to a publicly traded international company that today has sales of more than $1 billion. He helped develop many of the products that cemented Nordson as an industry leader, personally accumulating more than 25 U.S. patents.
Following the example of his father, Mr. Nord believed passionately in the importance of contributing to his community. He helped launch four separate charitable organizations: the Nord Family Foundation, the Eric & Jane Nord Foundation, the Community Foundation of Greater Lorain County and the Nordson Corporation Foundation. Several Nord gifts directly influenced our campus, among them:
- The conversion of Enterprise Hall to Nord Hall, the hub of the Case School of Engineering
- The Eric T. Nord Endowed Fund for Faculty Development
- The Baker-Nord Center for the Humanities
- The Nord Professorship in Computer Engineering
- The Jane Baker Nord Scholarship Fund for the Art Education Graduate Program
- The Walter Nord Program at the University Center for Innovation in Teaching and Education
The Nords also have contributed significantly to Oberlin College, the Amherst Schools, the Cleveland Museum of Art and several causes within Lorain County. All told, charitable giving led by Mr. Nord totaled more than $100 million.
Mr. Nord received an honorary doctor of science degree from the Case Institute of Technology and the Case Alumni Association Gold Medal Award in recognition of his achievements. His family has asked that, in lieu of flowers, gifts in Mr. Nord's memory be made to The Baker Nord Center for the Humanities, in care of Case Western Reserve University, Room 124, 10900 Euclid Avenue, Cleveland, OH 44106. Please join me in expressing both our sympathy and gratitude to his family.
Barbara R. Snyder
Printing Services will be closed for year-end inventory June 27 and 30. For printing emergencies, leave a message at 368-2550.
For Faculty and Staff
The submission deadline for employee tuition waiver applications for the summer 2008 semester is July 1. A completed waiver application is required to receive the university's tuition benefits available to employees, as well as their spouses and dependents (refer to the education benefits summary for program details). Tuition benefits policies and procedures were revised January 1 to define an appeal process for employees if a supervisor does not approve the tuition waiver application. The decision may be appealed to the director of employee relations, and must be made before the tuition waiver application deadline. Application forms are available online and in the Benefits Administration Office in Crawford Hall, Room 224. Contact Michelle Belle via e-mail or at 368-3166 with questions.
It's not too late to make a donation to the 2008 Senior Class Gift Campaign. All commitments made by June 30 will count toward the class's grand total. Funds raised by the Senior Class Gift go to a special class project determined by graduating seniors of each school. To learn more about the Senior Class Gift, contact Gretchen Denaro at 368-3818, or go to the Senior Class Gift Web site.
The views and opinions of those invited to speak on campus do not necessarily reflect the views of the university administration or any other segment of the university community.