For every Queens resident, the nation is caught in a recession of historic proportions, one that threatens retirement plans and the hope of saving for a child’s higher education. For families on the brink of losing their homes to foreclosure, it is the Great Depression all over again.
Since this chain of papers came into existence, there has not been a time when so many Queens families have faced such a desperate situation. It is for that reason we applaud and welcome the message of hope President Barack Obama delivered in his historic address to Congress.
Like President Franklin Roosevelt before him, Obama “got the message.” He knew his job was to speak not to bankers, business leaders, senators or representatives. His mission was to speak to the American people to give them hope and urge Congress on both sides of the aisle to stand behind him.
The $275 billion plan to help mortgage holders offers a number of options. Clearly, the banks have been encouraged to do everything possible to keep families in their homes.
The number of Queens families at risk of foreclosure is frightening. In southeast Queens alone, more than 1,000 homes were lost in the month of January. But statistics alone do not tell the story. Queens resident Jean−Andre Sassine said that after being laid off from his job, he faced a terrible choice.
“I had to make a decision between paying my mortgage or health insurance costs,” he said. “All of those bills kept coming in and we have to eat.”
His only hope of avoiding homelessness is Obama’s rescue plan.
Whether or not the plan will help Sassine remains to be seen. But there is no denying the president has brought at least a ray of hope to families all across America. We trust the banks will see it is in their long−term interest to cooperate. When banks foreclose, everyone loses.
At the same time, Congress is looking at ways to rein in the predatory lenders that have wreaked such havoc in places such as Queens.
Home ownership is a large part of what has made this borough great. The foreclosures lower property values, erode the tax base and hurt everyone. For the sake of Queens residents, even the bankers, we hope the rescue plan works.
