Blogs at the CUNY Graduate School of Journalism

Posts Tagged ‘foreclosure’

Community Leaders Take on Illegal Foreclosure Ads

December 8th, 2008 by Sergey Kadinsky

If you live in a neighborhood with too many “for sale” signs, boarded up homes, and unkempt lawns, you would likely also see ads nailed to telephone poles and lampposts promising to rescue troubled homeowners from foreclosure. Not only are the ads illegal, but the companies behind them may also be bogus.

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One local elected official is aware of the problem…

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…As are community organizations. The Chhaya Community Development Corporation (Chhaya CDC) helps homeowners understand the housing scams:

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When asked for details on the business practices of 1-888-HELP-161, a representative refused to explain the extent to which the company evaluates the credit history of potential clients. I was asked to provide my email if I wanted further information. The representative provided his company’s name as the “Save My Home Program.” A search on the Better Business Bureau site for the Hempstead-based Save My Home Corp. revealed a phone number that was no longer in service.

What kind of people would be likely to respond ot an illegal pole ad? South Jamaica activist and 2009 City Council candidate Joseph Marthone (D), believes that in certain situations, people may not know where to turn. “Some people might not be thinking in a moment of desperation,” said Marthone.

“Bail out Main Street, not just Wall Street!”

October 2nd, 2008 by Rachel H. Senatore

While the federal bailout for banks is in the works, homeowners and activists publicly called on the government to aid those also hurting in this economic crisis: the people in danger of losing their homes to foreclosures.

ACORN (Association of Community Organizations for Reform Now) organized the Monday demonstration outside 26 Federal Plaza and focused on “Hope for Homeowners,” a federal program for mortgage assistance planned to go into effect on October 1.

Several homeowners feel they were essentially tricked by banks into taking out loans with adjustable rates, rather than the fixed rates they were promised.  Now, with mortgage payments through the roof, many worry they won’t be able to keep their homes.

Debbie White, one of those homeowners who is facing possible foreclosure, became emotional when describing her financial stresses:

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ACORN members stressed the importance of the federal government aggressively implementing “Hope for Homeowners” in efforts to help homeowners in need.  

Tonya Slade, a Brooklyn homeowner who feels she was duped by her bank into a variable rate on her mortgage, hopes that the demonstration will bring attention to the program and encourage some action by the government:

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While this program has the potential to help several hundred thousand people, many demonstrators did not forget their frustration with the federal government, as it only recently acknowledged the homeowner crisis.

Pat Boone, the President of the NY chapter of ACORN expressed her dissatisfaction:

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As the group moved to the HUD building to present dozens of symbolic “Hope for Homeowners” applications, the shouts of “Bail out Main Street, not just Wall Street!” could be heard for blocks:

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