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The Mortgage Meltdown II

March 9, 2011

New York's continuing foreclosure crisis and the need to help homeowners avoid the loss of their homes.

New analysis of data from the Federal Reserve of New York shows that the foreclosure crisis in New York is far from over – and without legislative action to provide funding for the state’s “Foreclosure Prevention Services Program,” thousands of homeowners will have little help in saving their homes when foreclosure strikes.  Funding for the program, which provides access to housing counseling and legal assistance, is scheduled to run out December 31, 2011.  Without restoration programs will not be able to accept any new cases and will need to wind down their current caseload immediately in order to close the program by the end of the year.

Report

The Mortgage Meltdown II

Press Release

Flood of Foreclosures Expected Just as Funding to Help Homeowners Dries Up

Additional Materials

Regional Media Contacts for Foreclosure Prevention Funding

Additional Quotes from Supporters of Foreclosure Prevention Services

On the Ground: People's Stories

County Stats on Foreclosures and Delinquencies

Fact Sheet: Foreclosure Crisis and Response

Foreclosure Prevention Services Program 2010 Awardees

In the News Articles

Budget Cuts Imperil Legal Aid in Foreclosure Cases (The New York Times)

69,000 NY home loans at risk of foreclosure (The Business Review)

New Wave of Protests Fighting Banksters (The Notion: The Nation's Group Blog)

Forecast for New York: “Tsunami” of Foreclosures (Public News Service)

Foreclosure prevention group seeks $15M in state funding (The Business Review)

717 more LI homes in foreclosure process (Newsday)

Group: State faces 'tsunami' of home foreclosures (Ithaca Journal)

Foreclosure crisis entering a new phase (The Daily Record)

Advocacy group laments loss of foreclosure services funds (Daily Gazette)

 



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