Mortgage crisis takes center stage at Brooklyn court

A rally was held on the steps of Brooklyn Supreme Court Saturday to garner support for families in the borough hit hard by the foreclosure

BROOKLYN - A rally was held on the steps of Brooklyn Supreme Court Saturday to garner support for families in the borough hit hard by the foreclosure crisis.

C.H.A.N.G.E.R., a non-profit organization dedicated to aiding people about to lose homes, held the event to highlight the subprime mortgage crisis and its effects on the borough. Some participants were actual homeowners on the verge of losing homes due to mortgage struggles.

According to the group, almost 320 homes have been foreclosed on and auctioned off since November. The group also says nearly 90 percent of those homes were purchased by the foreclosing bank.

"Banks are evicting homeowners and tenants and then keeping these 1-, 2- and 3-family homes off the market in neighborhoods hardest hit by the affordable housing crisis," says C.H.A.N.G.E.R. executive director Lionel Ouellette. "It is time for financial institutions to offer sustainable solutions to existing homeowners and enable the city to recover from this crisis."

advertisement | advertise on News 12

Trending Video

1 VIDEO: New Park Slope restaurant combines burgers and burritos
Windswept rain moved through the Sheepshead Bay neighborhood 2 High wind gusts, rain hit Sheepshead Bay
Con Edison has offered a few tips you 3 Con Ed offers storm safety tips
4 Neighborhood Brief for Jan. 22
Brooklyn nail salon makes its own unique nail 5 Brooklyn Style: k2 Nail Salon

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE