Comptroller, unions press banks on foreclosure prevention

TRD New York /
Jul.July 14, 2010 12:45 PM

John Liu

New York City Comptroller John Liu and six large unions plan to begin a
campaign today to press the biggest banks — including Citigroup,
JPMorgan Chase, Bank of America and Wells Fargo — to do more to
prevent foreclosures in New York, the New York Times reported. Liu said
the group would send a letter criticizing them for dragging their feet
on modifying mortgages that are underwater or delinquent, and urging
them to do “everything possible” to avert foreclosures. The letter also
asks the banks to immediately name a high-level official to handle
appeals of borrowers who are denied mortgage loan
modification. Depending on the response, Liu and his coalition might
move pension funds and bank deposits to other institutions, according
to union officials. “The federal programs in place just aren’t having a
desired effect,” Liu told the Times. “People are losing their homes. It
continues to be a drag on our regional economy.” [NYT]


Related Articles

Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale partnership closes on $175M purchase of 111 Wall

Clockwise from left: Kings Plaza Shopping Center in Brooklyn, 45-18 Court Square  in Long Island City with GFP's Eric Gural, and 150-13 89th Avenue in Jamaica 

Brooklyn mall’s $487M tops outer-borough loan list

New York Life building gets $410M refi

New York Life building gets $410M refi

Extell Development chairman Gary Barnett with 555 Tenth Avenue and 524 East 14th Street (Credit: Barnett by Anuja Shakya, 555ten and StreetEasy)

Extell scores $700M refi for three Manhattan buildings

Related chairman Stephen Ross with 30 Hudson Yards, 1633 Broadway and 55 Hudson Yards (Credit: Getty Images, Paramount, Wikipedia)

Here were NYC’s largest real estate finance deals of 2019

Former WeWork CEO Adam Neumann (Credit: Getty Images and iStock)

Meet the financial backers behind WeWork’s rise and fall

Kings Plaza Shopping Center and JPMorgan's Jamie Dimon 

Macerich lands nearly $500M refi for Kings Plaza Shopping Center

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards