Mayor Bloomberg is urging passage of a bill that would require homeowners and lenders to use mediation programs to avoid foreclosure. On a conference call with Philadelphia Mayor Michael Nutter, Bloomberg praised Nutter's success using such programs to reduce foreclosure rates in Philly.
Bloomberg joked that when borrowers and lenders and are forced to negotiate, things will start to change
BLOOMBERG: Maybe you lock them in a room with a big pot of coffee and no bathroom and that will get them to pretty quickly come to an agreement. That's the only way you're going to get people to agree. They're always going to sit there and wait.
Earlier in the day Bloomberg unveiled a marketing outreach campaign telling New Yorkers facing foreclosure to call 311 to get directed to legitimate mediation programs.