The 14,000 New Yorkers caught up in the sub-prime shit storm that are facing foreclosure can now get counseling. Yesterday, the city launched what's being called the biggest city program in the country to advise homeowners how to keep their homes. The Center for NYC Neighborhoods will have a budget of $5.3 million, but it won't be providing any bailouts. It will, instead, be offering up "legal assistance, loan remediation and education, research and advocacy around sub-prime lending and mortgage foreclosures." In plain English, we think it means that one still could end up living in box, but that it could be higher-quality one. The center is supposed to help 18,000 people a year. No website yet.
· Help on the Way for Property Owners [NYP]
· Group Will Help Owners Prevent Foreclosures [Sun]
· New Group Will Help Homeowners Avoid Foreclosure [CityRoom]
[Artifact Foreclosed graphic from NYM, click to expand]