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 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."