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Canarsie Braces for Foreclosure Wave After Sandy
Foreclosure Crisis: Buzz Fades, Protests Continue
Foreclosure Crisis Fades to Black and Brown
Living On The Edge: East New York & Bay Ridge Go Off Script
Troubled Bronx Buildings Spur City Crackdown
No Vacancy: Why Empty Condos Aren't Becoming Affordable Housing
The Election's Over. So Let's Talk Issues
Election 2010: Polls Closed, Policy Awaits
Cuomo Housing Plan Praised, Parsed
HPD Commish 'Shocked' At Buildings In Multimillion-Dollar Deal
Gay Marriage, Tenants' Rights, Albany Reform: The Primary Races To Watch
Queens Race Defies Narrative Of Gay Rights, Reform
Pols Warn Foreclosed Buildings' Mystery Buyer
Banks Redline Minority Communities Again
New Path To Foreclosure -- Delinquent Water Bills
A Minefield for Obama
A Backward Glance:
12 Months Of Scoops
Foreclosure Fears Lead
To Tenants' Conundrum
For Homeowners, Promised
Help Rarely Arrives
Mortgages and the Mayor:
Candidates on Foreclosure
A foreclosure is the process of taking possession of mortgaged property when the owner has failed to make mortgage payments. The recent crash of the housing market took place when banks gave out mortgages to clients who were unable to pay. This was the fault of the bankers for not working diligently and the homeowners for pursuing a mortgage they knowingly could not pay. From February and October 2010, over 100,000 New Yorkers were given notice of property foreclosures.
New examination rules are aimed at getting banks to look more closely at the soundness of the landlord's financial plan and the conditions tenants are living in.
For the first time in five years, the city's water rate will not undergo a double-digit increase. But some say even the 7.5 percent boost is too high for struggling homeowners.
A report by Franklin Romeo and Jennifer Ching of (Queens Legal Services and Legal Services NYC) explores foreclosure risks in neighborhoods hit hard by Sandy and finds that some of the steps taken by banks in the wake of the storm "[create] a situation where a homeowner is likely to fall into a mortgage delinquency."
City Limits' recent issue looks at the debate over whether the city needs to reform the way it makes development policy. Here are the findings from the Charter Revision Commission, which considered--but declined to make--broad reforms.