Thompson launches campaign against foreclosures

As a glut of subprime mortgages leading to foreclosure filings continue to occur at record levels throughout Queens and the other boroughs, City Comptroller William C. Thompson is collaborating with community officials to launch a “Save Our Homes” campaign to combat this scourge of life-changing fiscal ruin.
Community leaders, including many clergy members throughout the city, will begin distributing thousands of the Foreclosure Prevention Guides on Sunday, November 4 targeting areas hardest hit by foreclosures first, which includes many parts of southeast Queens.
“We plan to highlight the issue and distribute a prevention guide in churches identifying ways to prevent foreclosure and listing vital resources for people in their neighborhoods, in the city, and in the state,” Thompson said. “There is an urgent need for this crisis to be rapidly addressed at many levels, because this affects every one of us, if not a family member, then a friend or a neighbor.”
While experts predict foreclosure filings throughout the city will exceed 15,000 this year and many see no drop in sight, community members said there is no time to wait to take action.
“These victimized homeowners are in our churches and communities and without aggressive action, whole neighborhoods will be devastated,” said Reverend Edwin C. Reed, Pastor of the Morris Brown AME Church and Chief Executive Officer of Greater Allen Development Corporation. “The fear, pain and loss are real and the solutions must be forthcoming immediately.”
Meanwhile, Bronx State Senator Jeff Klein recently released a report detailing that 14,561 foreclosures occurred in the city from July of 2006 to July of 2007, and the report detailed the top 10 originating lending institutions as well as foreclosing institutions.
In Queens, there were 5,707 foreclosure filings during that period with originating institutions Fremont Investment & Loan, WMC Mortgage Corporation and New Century having the most filings during that period. In addition, Queens also led the way with the shortest average time - 11 months - between when these subprime loans originated and when the first foreclosure notice occurred.
“As new waves of foreclosures continue to unfold, we must be aggressive in arriving at a solution,” said Queens State Senator Malcolm Smith, who represents portions of southeast Queens.
Thompson launched a Foreclosure Prevention Hotline on April 26 of this year, and his office has already fielded nearly 2,000 calls for assistance - with the largest majority, 41 percent, coming from Queens.
“This Helpline connects those in need with various organizations with an expertise in banking and housing,” Thompson said. “I encourage any homeowner confronted with swelling bills and a diminishing ability to pay to call my office.”