May 2, 2008 / News

Ouch! Foreclosure crunch sparks demonstration

The Brooklyn Paper

Devastated by subprime mortgages and foreclosures, Brooklyn homeowners take their battle to the steps of Brooklyn Supreme Court on Cadman Plaza West where 317 properties have been auctioned off since November 2007, according to data compiled by CHANGER. The group, whose acronym stands for Communities, Homeowners And Neighbors Gaining Economic Rights, organized the rally as part of its ‘Do Something’ campaign in partnership with United Community Centers. According to CHANGER, 89.3 percent of the Brooklyn properties were purchased by the foreclosing institutions after foreclosure. “Banks are evicting homeowners and tenants and then keeping these one-, two- and three-family homes off the market in neighborhoods hardest hit by the affordable housing crisis,” lamented Executive Director Lionel Ouellette.


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