The Real Deal New York

From the May issue: JPMorgan Chase’s federally backed buyout of Bear Stearns in March may have averted a meltdown on Wall Street. But at the other end of the subprime mortgage crisis are neighborhoods like Brooklyn’s Brownsville and Ocean Hill, where an increasing number of homeowners are also desperately hoping for rescue. For many who own homes in these two neighborhoods, which together comprise one of the poorest of the city’s 59 community districts, the only recourse against foreclosure appears to be the very subprime mortgage industry that is being blamed for the country’s credit crunch.