Thursday, Oct. 9, 2008
YOU SPEAK, WE LISTEN
Radnor, Pa.
CABRINI COLLEGE
Pacemaker Winner Vol L, Issue 06
www.theloquitur.com
Housing crisis hits hard at home christopher r. blake news editor
crb724@cabrini.edu
Chris blake/news editor
A house on Conestoga Road in Wayne, Pa. has been put up for sale. Since 2006, the once thriving house market has declined.
“People might think they are in a good economic position and that the economy can not affect them but so did I,” senior English and communication major Grayce Turnbach, said. Little did she think that her family would lose their home. In 2006, the once thriving housing market began to slow down, putting an increasing number of homeowners into foreclosure. Turnbach was one of the casualties. Americans across the country either lost ownership of their home or were threatened with it because they could not meet their mortgage payments. The large number of risky
mortgages that banks made has been the force behind all the trouble that has hit Wall Street. By June 2008, 2.75 percent of all home loans or 1.75 million mortgages, were in foreclosure. Just in the last few weeks, Turnbach’s mother had to sell her house because she could no longer meet her payments. In the four years Turnbach, 21, has been a student at Cabrini, her life has been filled with happy memories: making new friends, earning acclaim for her academic work and spending time with her family. For Turnbach, life was good and nothing seemed to stand in the way of her and her family’s success. But then, starting in 2005, Turnbach’s life took a sudden hault when her parents decided to divorce.
When her father left so did his income, yet Turnbach’s mother decided she would have enough money to continue to provide for Grayce and her older sister with her income from a job in quality control. “My mom was making a decent amount of money but then, in 2006, she had to go on unemployment,” Turnbach said. Turnbach’s mother was out of a job when the home development company laid her and other employees off. “With her unemployment, she still had to pay our healthcare which was $600 a month and at the same time she decided to take a mortgage on the house or a negative balloon loan, which was
ECONOMY, page 3
Obama speaks on importance of economy
Andy Stettler/Staff Writer
Democratic presidential candidate Barack Obama addresses supporters at Abington High School in Abington, Pa. The senator spoke to a packed football field of over 6,000 people. Obama stressed the importance of investing in early childhood and higher education through his plan in stregthening the economy. Senator Bob Casey and Pennsylvania Governor Ed Rendell were also in attendance. SEE PAGE 4
First Suburb citizens plead for legislative help shannon keough copy editor
sek723@cabrini.edu britany wright features editor
blw723@cabrini.edu
Leaders from the older suburbs surrounding Philadelphia received positive feedback to their proposals from state and local political leaders and Gov. Ed Rendell at the Southeastern Pennsylvania (SEPA) First Suburbs Project. On Sunday, Sept. 28, 500 representatives from towns like Nor-
INSIDE
this week’s edition
ristown, Yeadon, Upper Darby and Lansdowne – all members of the First Suburbs Project, met to engage elected officials and residents on local issues. By holding a community organizing event, citizens were able to see where their tax dollars will go to stabilize and revitalize their communities. Flooding, humidity and the Eagles game did not stop community members and leaders, along with students from Cabrini College and Ursinus College, from attending the event in the small, church in the center of Norristown to advocate the need
for change in their communities. “One of our goals is to educate the public about issues surrounding older developed suburbs. We received great feedback from people and organizations that attended. We also feel we secured some real commitments about the housing plan, infrastructure and public education. Anytime we can communicate with legislators is something we can be proud of,” Jonathan Schmidt, the lead organizer of the First Suburbs Project, later said in a phone interview. Governor Ed Rendell touched
LEADERS, page 3
Shannon Keough/Copy editor
Pennsylvania Governor Ed Rendell lectures community members and politicians in Norristown, Pa. for SEPA.
What’s Hooking up?
Philly Canvas Clash
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