Building Justice: The Lasting Racial Stain of the Foreclosure Crisis (City Limits)
This summer, a federal jury in Brooklyn did something unprecedented: following a lengthy trial, it ruled that Emigrant Savings Bank had discriminated against eight New York City homeowners of color in a first-of-its-kind “reverse redlining” verdict. (Read the rest of the article on City Limits)
Groundbreaking policies to benefit NYC homeowners at risk of foreclosure
New York homeowners at risk of foreclosure will benefit from two promising developments announced last week: the groundbreaking purchase of New York City mortgage notes from the Federal Housing Authority and new reforms to the federal government’s Distressed Asset Stabilization Program. The New York City mortgage purchase initiative is notable because it is the first […]
How one New York homeowner triumphed over foreclosure
For Pamela Litzsey-Thomas, going into foreclosure on her Niagara Falls home was just another in a series of financial setbacks that included losing her job and getting inundated with medical bills after she was struck by a bus. “I just kept feeling like I was being slapped in the face,” she said. But Litzsey-Thomas refused […]
Debt, the Racial Wealth Gap, and the Foreclosure Crisis
According to a recent New York Times op-ed, “Debt and the Racial Wealth Gap,” we as a country are facing the widest racial wealth gap since 1989. Today, the median wealth of white families is 13 times the median wealth of black families. In the op-ed, Paul Kiel of ProPublica examines the historical roots behind […]
Huge Jump in Foreclosure Auctions
With the City Budget nearing completion and a July 15 sale of FHA mortgage notes by the federal government looming, time is of the essence to create and finance the Community Reinvestment Fund. As we talked about in an earlier blog post, the Community Reinvestment Fund will be used to initiate a mission-driven purchase of […]
Support Homeowners in Foreclosure!
Council Member Daneek Miller expressing support for the new initiative, which he said could aid many distressed homeowners in his district and help to restore the staggering amount of wealth lost in middle-class Queens communities following the foreclosure crisis. In collaboration with our partners Neighborhood Restore and Mutual Housing Association of New York (MHANY), the […]
Bank of America Funds $8.1M for Foreclosure Prevention Services
Bank of America announced yesterday that it will provide $8.1 million to local New York non-profits to combat foreclosures. The Center for NYC Neighborhoods, in partnership with the Empire Justice Center, is proud to work with Bank of America on this effort, getting the critical funding to housing counseling groups across the state. The funding […]
Testimony before the NYC Council on the Issue of the Economic Impact of the Foreclosure Crisis – April 2015
Our Executive Director, Christie Peale, addresses the New York City Council Committees on Economic Development, Community Development, and Civil Service and Labor on the Economic Impact of the Foreclosure Crisis, proposing a series of recommendations that require a concerted, dedicated effort on the part of government community institutions, as well as financial institutions. Full Testimony.
Stopping Foreclosure Vultures
New York’s “The Red Hot Rubble of East New York” (January 26-February 8) is an extremely disturbing and unfortunately all too common story in New York City. Predatory real estate investors are targeting homeowners facing foreclosure, offering cash to buy them out and acquire their homes on the cheap, only to flip the houses or […]