Streams

Bushwick Foreclosures

Tuesday, February 09, 2010

In the past few years, about 1,500 homes have gone into foreclosure in Bushwick. Eva Sanchis, metro news editor for El Diario/La Prensa and a reporter with Feet in Two Worlds, a project of the Center for New York City Affairs at the New School, has written a three-part series on the foreclosure crisis in Bushwick, Brooklyn. She discusses how the community got into the crisis and what the government is trying to do to get them out.

Guests:

Eva Sanchis
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Comments [6]

Eugenia Renskoff from Williamsburgh, Brooklyn

Foreclosure is one of the most devastating things that can ever happen to a person. I lost my condo in Atlanta in November 2005 and I still have not gotten over it. Unfortunately, I trusted the people I was dealing with—this led to mortgage fraud, something I had never heard of in my life. I suspected something was wrong only after I had moved in and closed on the condo. Real estate scams should and must be a thing of the past. If there are people out there talking about personal responsibility, why isn’t something done about real estate professionals who know all the angles and use that to their advantage while not caring about the consumer/borrower? Eugenia Renskoff

Feb. 09 2010 01:24 PM
Marcos from the Bronx

Please follow up on this important comparison:

I believe there is a sharp contrast between the foreclosure crisis in low income communities in Brooklyn, Queens, and parts of the Bronx to what has happened in much of the South Bronx.

I believe the foreclosure crisis is rampant lower income in areas where mortgages were arranged by for profit brokers, Yet I have seen little evidence of any such crisis areas of the South Bronx where the a massive wave of owner/occupant based renewal was coordinated by community and religious non-profit groups.

I have been told that these groups empowered would be owner/occupants with a rigorous process of vetting, financial training, and personal financial reform and then offered graduates of this process the accesible financing they could afford.

If this model were scaled up to the city and federal level we could get out of this crisis without building the next bubble.

Groups involved in the neighborhoods included Nos Quedamos/ We are Staying, local congregations like Transfiguration Lutheran Church on Longwood Ave, and financing was secured through partnership with outside religious groups with deep pockets like Trinity Episcopal Church, Wall Street.

One initial contact could be the Rev Heidi Nuemark, who was at Transfiguration Bronx for 20 years and now serves Trinity Lutheran Church in Manhattan (http://www.trinitylutherannyc.org).

You could also contact me and I will try to connect you to other sources.

Feb. 09 2010 12:04 PM
Steve from Hoboken

The people who don't think the gov't should help those who were trapped by irresponsible lending by the banks are arm chair Libertarians. They believe a free market will be beneficial and self regulating. It is just that thinking that gob us into this mess. Regardless of neighborhood from Busbwick to Boston, if regulations had been in place, this never would have happened.

Feb. 09 2010 11:41 AM
JT from NYC

That is sooo not true. There are more then 2 bank branches in Bushwick. In section my section alone there are 2 a block from each other. There are 2 check cashing places too.

And once again, we have the "advocate" stating how the homeowners who are in trouble were TOTALLY unknowledgable and had NO idea that they were signing up for a shaky mortgage. Yeah, right. They most than likely knew their credit and finances wouldn't sustain said mortgage but they figured that they broker was gonna hook them up so willingly went with and hoped for the best. Let's keep it real.

Feb. 09 2010 11:37 AM
William from williamxburg

The esteemed Mayor's unprecedented rezoning of Brooklyn spawned the building boom in to the economic void. These foreclosures are part of the plan -- single family's and small owners out - developers in - per the plan...
Believe it.

Feb. 09 2010 11:30 AM
Marissa from Manhattan, NY

I'm an architect, and many of my colleagues are unemployed in the city - is there a way we could suggest our services for the government investment in renewing properties? Who shall we contact?

Feb. 09 2010 11:29 AM

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