City Council chambers in Manhattan was once again alive with talk of predatory lending on Monday, the latest in a long string of events addressing the foreclosure crisis.
Congresswomen Carolyn Maloney (D-Astoria) and Nydia Vasquez (D-Brooklyn) were present, with City Council Speaker Christine Quinn and Brooklyn Councilmen Erik Dilan and Lew Fidler, to discuss the latest developments in the subprime lending crisis.
“While the city is doing what it can to stop this crisis, that fact is that the scope of this problem demands that officials at every level of government come together to find a solution,” Quinn said. “I hope that after today’s hearing and in the coming weeks as we meet with people caught in the crisis in every borough, we can begin to right the wrong of the subprime mortgage crisis.”
While several meetings have been held, both in the council chambers and individual communities regarding rampant foreclosures, the discussion on Monday was concerned mostly with what can be done to help curb the number of homes lost as a result of predatory lending, and defaults on high-cost loans.
“We need to focus on practical solutions to keep struggling New Yorkers from losing their homes,” Maloney said in a statement.
Recently, the federal government has announced a plan, known as Project Lifeline, that would allow home-owners facing foreclosure who met certain criteria to put a 30-day halt on the foreclosure process.
The City Council has announced the creation of a Center for New York Neighborhoods that will seek to consolidate resources in one place for homeowners struggling to keep up with their payments.
— Matt Hampton