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City Councilmen Blast Banks for Refusing to Abide by Federal Foreclosure Mandates

Justice League

As new, ultra-luxurious Manhattan real estate developments continue to dominate the headlines, it can easy to forget that many New York homeowners are still struggling with the fallout of the housing market crash—homeowners still mired in the foreclosure crisis that has, of late,  worsened statewide, despite an ongoing economic recovery.

In Southeast Queens, the problem is particularly pronounced, with 10,000 homes currently in foreclosure, or one out of every 79—the highest percentage in the city—a problem that has been made largely intractable by banks’ unwillingness to abide by federally-mandated loan modification programs, according to Councilmember Rory I. Lancman, who held a press conference with councilmembers Dan Garodnick and I. Daneek Miller calling on banks to abide by federal mandates Wednesday afternoon outside the Queens Supreme Civil Courthouse.

“Banks, as we know, played a very substantial role in creating the subprime mortgage crisis,” Mr. Lancman said. “New York state in particular and Queens in particular, particular…

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